Taxes & Insurance
Can I deduct mortgage interest on my taxes?
The short answer
Taxpayers who itemize deductions may be able to deduct interest paid on a qualified home mortgage, subject to limits on the amount of debt, as described in IRS Publication 936. Because the deduction only helps if your itemized deductions exceed the standard deduction, many homeowners do not benefit from it. This is general tax information, not tax advice — consult a tax professional for your situation.
Key points
- Available only if you itemize deductions.
- Subject to IRS limits on qualifying mortgage debt.
- Many homeowners take the standard deduction instead.
- This is general information, not tax advice.
Itemizing vs. the standard deduction
The deduction only reduces taxes if your total itemized deductions beat the standard deduction. Whether it helps depends on your loan size, rate, and other deductions, so run the numbers or ask a tax professional.
Sources
Every claim above traces to a public government source.
- ViewT1Publication 936: Home Mortgage Interest Deduction
Internal Revenue Service · Government / primary · 2024