Ask Question
13 November, 06:25

True or False: The actual amount of mortgage interest that could be deducted by most U. S. taxpaying homeowners is almost always greater than the standard interest deduction allowed by the Internal Revenue Service (IRS).

+3
Answers (1)
  1. 13 November, 08:56
    0
    False

    Explanation:

    The mortgage interest deduction is an itemized deduction that allows homeowners to deduct the interest they pay on any loan used to build, purchase, or make improvements upon their residence, from taxable income. The mortgage interest deduction can also be taken on loans for second homes and vacation residences with certain limitations.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “True or False: The actual amount of mortgage interest that could be deducted by most U. S. taxpaying homeowners is almost always greater ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers