The mortgage interest deduction remains a cornerstone of homeownership tax planning. You can generally deduct the interest paid on up to of mortgage debt (or $375,000 if married filing separately) for loans taken out after December 15, 2017. If your loan originated before that date, you may still fall under the older, higher limit of $1 million .
You must choose to itemize your deductions on Schedule A rather than taking the standard deduction to claim this benefit. tax benefits of buying a house calculator
For many homeowners, the tax advantages of buying a house can significantly offset the monthly cost of ownership, provided they choose to itemize their deductions. In 2026, new legislative changes from the have reshaped these benefits, making some temporary cuts permanent and dramatically increasing the cap for state and local tax write-offs. 1. The Core Deduction: Mortgage Interest The mortgage interest deduction remains a cornerstone of