are mortgage intere

3. **Track Your Interest Payments:** Keep accurate records of your mortgage interest payments throughout the year. These records will be essential when you file your taxes. " If you need additional data https://tradeprofinances.com/mortgage/is-mortgage-interest-tax-deductible-in-california/ * **Property Tax Relief:** California offers various property tax relief programs, such as the Homeowners' Exemption and the Senior Citizen's Property Tax Assistance Program. 2. **Identify Acquisition Debt:** Review your loan documents to determine the amount of acquisition debt you have. * **Limited Deduction Amount:** The deduction is limited to a certain amount of debt and interest paid. The 2017 tax law limited the amount of debt that qualifies for the deduction. Calculating your mortgage interest deduction manually can be complex, but you can use the following steps as a guide:

The Federal Deduction: A Foundation for Homeownership