Mortgage Interest Deductions are allowable income tax deductions that equal the amount of mortgage payments in a year that are attributable to interest rather than principal repayments. Mortgage insurance premiums may also be deductible.
Interest deductions are subject to the Pease phaseout, while mortgage insurance premium deductions are not allowed over certain income levels. Interest payments on mortgages are generally deductible from income taxes.
Since 2013, however, the Pease phaseout, which limits the deductions allowable by higher income households, was reinstated after years of being recalled. For household adjusted gross incomes over $300,000 or $250,000 for single filers, a reduction of the deductions applied for is calculated based on two options, either of which might be more advantageous based on the amount of income earned.
Mortgage interest is not eligible for a deduction if the total amount of mortgage loans is over $1,000,000. There is a deduction available for private mortgage insurance (PMI) premiums, but it is not available if the household income is over about $110,000, or if the mortgage loan was taken out before 2007.
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