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When is Mortgage Interest Tax Deductible?
  
 Contrary to popular belief, mortgage interest is not always tax-deductible.  Here's the inside scoop:

1. Do you itemize your tax deductions? You cannot take the mortgage interest deduction if you are taking the standard deduction. In 2018, the standard deduction is $12,000 for single taxpayers, $18,000 for heads of household, and $24,000 for married taxpayers filing a joint return. Please see a CPA for details.

2. Is Your Home a "Qualified Residence"? Mortgage interest is only deductible if the mortgage is attached to a "qualified residence". Taxpayers can generally deduct the mortgage interest on two qualified homes:
One Primary Residence; and, One Vacation Home
3. Is Your Mortgage Classified as "Acquisition Indebtedness"? Your mortgage or home equity line of credit is considered "acquisition indebtedness" if it was used to buy, build, or improve a qualified residence.  Generally, you can deduct the interest on mortgage balances up to $750,000 of Acquisition Indebtedness. Here are two examples:
Jane buys her $500,000 primary residence using a $400,000 mortgage. Jane would be able to deduct the interest on the $400,000 mortgage as acquisition indebtedness because (1) the mortgage was to buy a qualified residence; and, (2) the mortgage falls within the $750,000 limit. Janice ... more

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