Tag Archives: mortgage interest

Interested in Interest?

Borrowing money leads to compounded interest charges. Interest is a fee added to the money you borrowed, and is generally charged for the length of repayment. In some cases, interest can either be deducted or claimed as a credit, however it has to meet certain qualifications. Prepaid interest has to be deducted throughout the tax […]

Sometimes, in order to get a mortgage for a home, you may have to pay fees or other costs, known as mortgage points. In general, points are a type of interest that you’ve prepaid, and they may be deductible at tax time should you opt to itemize. If you qualify to deduct all of your […]

Looking to make tax time a little brighter? Consider itemizing your taxes, which will allow you to claim interest you paid on your first and second mortgages. This deduction, worth up to $1.1 million in savings, includes mortgage loans (up to $1 million) and home-equity loans (up to $100,000). Even better, you don’t have to […]