Can I Deduct Mortgage Interest?

Mortgage interest is one of the most well-known tax deductions, but recent changes to tax law have made it less impactful for many homeowners. You can deduct interest on up to $750,000 of mortgage debt on your primary residence and one additional home, as long as you itemize your deductions. The higher standard deduction introduced in 2018 means that many homeowners, especially those with smaller mortgages, no longer benefit from itemizing. Your lender will send you a Form 1098 each year showing how much mortgage interest you paid. If your itemized deductions including mortgage interest, property taxes, and charitable contributions exceed your standard deduction, then claiming the deduction makes sense.