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The Truth About Personal Finance (Collection) by Kay S. Bell, Steve Weisman

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Truth 30. Mortgage interest deduction

For most of us, our home is our biggest investment. It also provides some of our biggest tax breaks.

If you have a mortgage, the pain of that monthly payment is eased each filing season when you realize just how much tax-deductible interest you’ve paid.

Qualified homes—Generally, home mortgage interest is any interest you pay on a loan secured by your home. This typically is your primary residence, also sometimes referred to as your main home.

The loan may be the mortgage to buy your home, a second mortgage on the property, or a line of credit or home equity loan (HELOC). In all instances, the collateral for the money you borrow is your home. If you cannot pay the debt, your lender can take your ...

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