are mortgage intere

* **First mortgage**: The main mortgage loan used to purchase your home. * **Specific Rules for Deduction:** The rules for deducting points are complex. Refer to the IRS website for specific guidance. Discover more about this https://tradeprofinances.com/mortgage/is-mortgage-interest-tax-deductible-in-california/ ## Understanding the Basics of Mortgage Interest Deductions * **Home Use**: The deduction is only available for debt used to purchase, build, or improve a qualifying residence, which is defined as a home you use as your primary residence or a second home. ## Navigating the Tax Maze: Tips for Maximizing Your Deductions 2. **Loan Amount:** The deduction is capped at interest paid on mortgages up to $750,000. This limit applies to the combined debt on both your primary and second homes. To claim the mortgage interest deduction, you'll need to complete Form 1040, Schedule A, ""Itemized Deductions,"" during your federal income tax filing. You must provide specific information about your mortgage, including the loan amount, interest rate, and the amount of interest paid during the year.