Is mortgage interest tax deductible?

As a homeowner, you may not know that there’s a tax benefit available to you: the mortgage interest deduction. To reduce your taxable income, you may be able to deduct the interest you pay each tax year on your personal tax return. If you have more than $600 in paid interest, your lender will send you Form 1098. To claim this valuable deduction, you’ll have to itemize your taxes and use IRS Form 1098 to calculate your deduction. Then, report the deduction on Form 1040, Schedule A.

Learn more about the Home Mortgage Interest Deduction.

Ready to file taxes? Get started with H&R Block.