Mortgage Interest Tax Deduction: What You Need to Know

Should you claim the mortgage interest deduction when you file your federal tax return?

White house, green calculator on green background
(Image credit: Getty Images)

Becoming a homeowner isn’t just the American dream for some. It can also come with tax benefits, one being the mortgage interest deduction. However, not all homeowners can claim this tax deduction, and the rules can be complex. For example, how much you can deduct might depend on when you bought your home and your filing status. Additionally, deducting mortgage interest isn't the right choice for everyone.

Here’s what you should know about claiming the mortgage interest deduction on your federal income tax return.

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Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.