Anyone who purchased their home after Dec. 15, 2017 can deduct the interest on their mortgages with the IRS.
The tax deduction is for mortgage interest that is paid on the first $1 million of the debt.
You must itemize on your tax return to deduct the interest.
How to deduct mortgage interest with the IRS
This move can help you reduce your taxable income by eliminating the interest you paid on your mortgage.
Eligibility for the mortgage interest deduction
Your home must have been purchased before Dec. 15, 2017.
Your lender should send you Form 1098 in January or February.
It’s best to keep good mortgage records.
You need to file the Schedule A Form.
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