🔍Itemized deductions are deductions from AGI that reduce AGI.
💡Interest paid on mortgage and investments is a type of itemized deduction.
💰The amount of interest on mortgage that can be deducted depends on the type of mortgage and the time period.
🏠Interest on home equity loans used to improve the personal residence is also deductible.
✋Points paid as a fee for borrowing money can be eligible for deduction.
What are itemized deductions?
—Itemized deductions are deductions from AGI that reduce AGI. They include personal expenses such as medical expenses, taxes, and interest paid on mortgage and investments.
Can interest paid on mortgage and investments be deducted?
—Yes, interest paid on mortgage and investments is a type of itemized deduction that can be deducted from AGI.
How much interest on mortgage can be deducted?
—The amount of interest on mortgage that can be deducted depends on the type of mortgage and the time period.
Is interest on home equity loans deductible?
—Yes, interest on home equity loans used to improve the personal residence is deductible.
Can points paid as a fee for borrowing money be deducted?
—Yes, points paid as a fee for borrowing money can be eligible for deduction.
00:00Itemized deductions are deductions from AGI that reduce AGI, and itemized deductions include personal expenses such as medical expenses, taxes, and interest paid on mortgage and investments.
02:20The amount of interest on mortgage that can be deducted depends on the type of mortgage and the time period.
02:32Interest on home equity loans used to improve the personal residence is also deductible.
03:57Points paid as a fee for borrowing money can be eligible for deduction.
