Navigating taxes can be daunting, but having easily accessible information is priceless. Our comprehensive tax reference guide offers quick access to the most common tax rates, deductions, and credits for businesses and their owners. Simplify your understanding and make informed decisions with ease.
You may deduct the mortgage and any home equity line of credit on your primary residence as long as the funds were borrowed to buy, build or improve your home. You are limited based on the aggregate balance due on both types of loans as follows:
(these rules apply for the 2022, 2023 and 2024 tax years)