Like most filers, we usually take the standard deduction, but itemizing our taxes is saving us money this year.

In order to take advantage of the mortgage interest tax break, we have to itemize and file Schedule A of Form 1040 to prove we have tax deductions amounting to over $29,200, which is the standard ...

The mortgage interest deduction is available on interest paid on the first $750,000 of mortgage debt for primary and second homes for married couples filing jointly. The limit is $375,000 if you ...

You can deduct interest on a second home as long as the mortgage on your primary residence is no more than $750,000 (or $1 million if you bought it before Dec. 15, 2017.) Subscribe to the CNBC ...

When the Tax Cuts and Jobs Act expires at the end of the year, current caps on mortgage interest deductions will too. Some GOP lawmakers are reportedly suggesting ideas to cover the cost of Tax ...

Under the Tax Cuts and Jobs Act, itemizing homeowners can deduct mortgage interest on up to $750,000 worth of principal from their taxes on either their first or second residence.

"Generally, you can deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 8a," the IRS continues to explain online.

To understand how it works, take a look at this mortgage interest deduction example: If you purchase a $400,000 home with a 20% down payment and take out a 30-year, fixed-rate loan with a 7% ...

A home is the largest purchase that most Americans will ever make, so most of them have to take out sizable loans to finance them. While mortgage interest rates are relatively low compared with ...

You can deduct mortgage interest on a second home as long as it is a qualified home per IRS guidelines. Learn if your second home is considered a "qualified home" and how this tax deduction works.

Mortgage borrowers can deduct the interest they pay on their taxes. But there are limits. Certain mortgage-related costs or interest on second mortgages may also be deducted in some cases. This ...