Mortgage payment on tax deductions

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Say you take out a mortgage on a house. I was wondering what part of the mortgage payment would be tax deductible?

Guest 0.10 Dollars($)

As far as I know monthly interest you pay on the mortgage is tax deductible.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)

Yes Besmir, mortgage interest is tax deductible. For more details you can go through the IRS website: Home Mortgage Interest Deduction

Miller

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larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Besmir,

The interest rate on a mortgage is tax deductible only under certain conditions. They are mentioned as follows:

1) The borrower must file Form 1040 to itemize the deductions on it.
2) The borrower must be legally liable for the loan or else he cannot deduct the payments.
3) The loan must be a secured debt against the home.

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