Sentences with phrase «maximum mortgage interest tax deduction»
Because you'll pay less total interest on the 15 - year fixed - rate mortgage, you won't have the maximum mortgage interest tax deduction possible.
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In 2018, their state and local tax deduction would be limited to $ 10,000, so their total itemized deductions would consist of the $ 9,000 in mortgage interest and the maximum of $ 10,000 in state and local taxes, a total of $ 19,000.
The IRS has increased the maximum adjusted gross income that filers can have for 2017 and still fully itemize deductions — good news for wealthy homeowners who want to claim things like the mortgage - interest tax break.