Real estate tax deduction should encourage you to buy homes
Real estate tax deduction is a policy whereby owning a piece of property like your house gives you many tax advantages. Some of these include:
1. Interest paid on mortgage: The mortgage interest you incur on your house is deductible from your income tax. Joint tax holders can deduct the entire interest amount up to a maximum of $1 million in mortgage liability paid on a first and possibly second house.
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