Money Matters

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Home Mortgage Interest Deductions: Are You Deducting More than You Should?

If you think all of the interest you’ve paid on your home mortgage is deductible on your income tax return, think again.

For many taxpayers, the interest home mortgage lenders report on Form 1098 is not deductible. The IRS has imposed new reporting requirements for lenders that will enable the IRS to identify taxpayers who are deducting more than they should.

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