Tips for Loans - Home Equity Line of Credit, Some expenses related to your debt burden can help to offset the taxes you pay. In particular, the interest you pay each year on your mortgage can be listed as an itemized deduction. Although you will not be able to deduct 100% of it, on average, mortgage interest exceeds any other tax write off. During the initial years of your mortgage (30-year or 15-year) the interest you pay is a large percentage of the total amount paid each year so the interest write-off is usually significant.
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