In
general, you can deduct interest charged on a loan used to acquire or improve
your principal residence in the year that it is paid. In the early years of a
loan, most of your monthly payment is interest, so this can really add up. If you itemize on your taxes you are eligible
to write off the interest you have paid on your home loan for the tax
year. The amount paid is 100% deductible
from your tax liability. This is truly nothing more than a
subsidy to home owners, and it's a very popular deduction.
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