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Mortgage interest deduction |
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Mortgage interest deductionIn the US, an allowable federal tax deduction for the annual interest paid on a mortgage.Mortgage interest deductionA federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence.Mortgage interest deduction Similar MatchesMarital deductionMarital deductionA tax deduction that allow spouses to transfer unlimited amounts of property to one another. DeductionDeductionIn the US, an expense allowed by the Internal Revenue Service which is deducted from adjusted gross income to establish taxable income. These include interest payments and state and local taxes. The equivalent term in the UK is 'tax allowance', and the main one is the 'personal allowance' of tax-free income which every individual is entitled to. Dividends received deductionDividends received deductionA corporate tax deduction on income allowed by company A that is in ownership of shares of company B and receives dividends on the shares of company B. Unlimited marital deductionUnlimited marital deductionAn Internal Revenue Service provision that allows an individual to transfer an unlimited amount of assets to a spouse, during life or at death, without incurring federal estate or gift tax. Interest deductionInterest deductionAn interest expense, such as interest on a margin account, that is allowed as a deduction for tax purposes. Further SuggestionsStandard deductionTax deduction Deduction Tax deduction certificate of deduction of tax Itemized deduction |
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