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
Discounted value of net cash receipts to be obtained from a property. The present value calculation includes consideration of annual cash inflows plus the disposal value. ...
Device that cuts off an electric circuit when the current becomes to strong. ...
Type of mortgage, which is not based on a constant interest rate. ...
To understand what an abatement notice is, one needs to understand the concept of nuisance abatement. Abatement notice is the notice given to the owner (or occupier) of a property as ...
Nonload bearing layer of brick covering a wall of decorative purposes only. The wall is usually constructed of wood framing or masonry block. ...
Deficiency or defect existing in the way a home has been constructed. A flaw may be corrected by the builder or supplier, a refund in price given for the imperfection, or the item returned. ...
Nonprofit charitable entity, such as one providing housing for the homeless. ...
Each payment made by the borrower is equal each period, usually monthly. Each payment is comprised of principal and interest. Interest is based on the beginning balance. The cash paid less ...
That’s the name of the study a Real Estate Broker presents to home sellers when trying to turn them into clients. In it, by making a comparison with the available houses in the market ...
Have a question or comment?
We're here to help.