Mortgage Interest Deduction
Definition of "Mortgage interest deduction"
Tax deduction for interest paid or accrued within the taxable year with respect to mortgage indebtedness. Interest is deductible on mortgages secured by principal and second homes. A taxpayer may not write off interest on any part of the mortgage that exceeds the original purchase price plus improvements of property, unless the taxpayer uses the money for medical or educational purposes.
Popular Real Estate Terms
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See clapboard. ...
Fee paid only if other criteria are met. ...
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See estoppel. ...
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Foreign-born individual not qualifying as a citizen of the country in which he or she resides. ...
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