THE BASIS POINT

What Are The Mortgage Interest Deduction Rules?

With tax preparation season in full swing, here’s the IRS site that discusses mortgage interest deductions. There’s a lot of items that most people don’t know such as: second homes can be treated just like primary residences from a tax deduction standpoint, mortgage insurance is deductible up to $109k adjusted gross income, points on refis aren’t always deductible. This page is long, but well worth clicking through.