Mortgage interest deduction not only saves the homeowners money but is also an integral part of the housing market. A tax deduction for mortgage interest makes owning a home more affordable because the deduction lowers the amount of tax you pay. Generally, homeowners who pay U.S. taxes and who itemize their taxes can deduct mortgage interest attributable to primary residence and second-home debt totaling $1 million, and interest paid on home equity debt of as much as $100,000.
People buy homes to satisfy social, family and personal goals. The cornerstone of a healthy community makes homeownership the basis for positive community involvement. Thus mortgage interest deduction ranks as a top ingredient to affordability of the American Dream.
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