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Mortgage and Tax Write Off

Perhaps one of the best things about owning a home is the tax benefit.

When it comes time for you to file your annual tax return, the IRS will allow you to deduct the interest you paid toward your mortgage as well as the property tax you paid. But only within certain limits.

You are allowed by the IRS to deduct up to one million dollars of mortgage debt as well as all of your property taxes. The mortgage debt covers both primary and secondary mortgages.

The IRS also allows for you to deduct all interest paid on Home Equity Loans and Home Equity Credit Lines.

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