Home » Tax Law » Tax Deductions & Credits » Home Mortgage and Construction Loan Interest Deduction

Generally, you can deduct interest paid on home mortgages of up to two residences. However, if you make more than $139,500, it is subject to a 3 percent reduction of itemized deductions. The home mortgage loan must be secured by the residence, however.

Interest on a home construction loan is also deductible from the time the construction began for a period up to 24 months.


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