Want this question answered?

Be notified when an answer is posted

Add your answer:

Earn +20 pts
Q: How much of your mortgage payment is tax deductible?
Write your answer...
Related questions

Is private mortgage insurance tax deductible?


Is tax on continuing a second mortgage deductible after filing for a first foreclosure?

Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.

Is the interested paid on a back spousal support payment tax deductible?

Personal interest is not tax deductible

Is interest paid on the mortgage of your home tax deductible?

Well it depends on what kind of mortgage.

Is mortgage interest deductible on your taxes?

yes on your income tax

Can a credit card loan spent to purchase a home be tax deductible?

No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.

If you take out a home equity loan and pay mortgage recording tax is it deductible per IT-256?

If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.

Mortgage Tax Savings Calculator?

Mortgage Tax Savings Calculator Interest paid on a mortgage is tax deductible if you itemize on your tax return. So are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes. Click on the "View Report" button to view the results in detail.

What are the elements of a monthly mortgage payment?

Principal, interest, tax, and insurance

Is college tax deductible?

No, it is not tax deductible, but there are credits for education that are available. And the interest rate of college loans is tax deductible.

Are tax payments deductible?

Estimated Income tax payments are not deductible in figuring out what your taxable income is, that determines how much your actual income tax is. See, that's circular.

Where on your tax do you list medicaid?

Medicaid is not taxable nor deductible on a personal tax return unless you are a provider of care and receive payment for such services.

Will paying mortgage in 2 parts allow you to complete payments quicker?

Do you mean paying mortgage twice a month? Yes it will definitely be faster and save a lot of interest payment. Remember that interest is tax deductable. Check on your tax group; how much tax you pay for your income.

What is expenditures are deductible by a homeowner for tax purpose?

On your personal residence (as opposed to an investment property). Not much. Interest (that qualifies under other requirements) on the mortgage. The property tax generally. That's about it. NO maintenace or improvements, etc are allowed.

Is sponsoring a softball team Tax deductible?

No, I do not belive it is tax deductible

Are mortgage insurance premiums deductible on your taxes?

No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.

What can you tell me about a Roth IRA tax deductible?

The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.

Is tax preparation tax deductible?

Yes. Tax Preparation does lies under business investment thus, is tax deductible.

Is Gas sales tax deductible?

Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.

Is pet insurance tax deductible in Arizona?

Not deductible on your federal income tax return.

Why are home mortgages usually a wise form of debt for consumers?

The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.

Why are homes mortgages usually a wise form of debt for consumers?

The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.

Is depreciation tax deductible?

Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production

Where can I make a tax deductible car donation?

You can make a tax deductible car donation at

Is home equity tax-deductible?

The equity in your home is not a tax deduction. The interest paid to banks for a home equity line of credit or loan may be tax deductible.