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Is the interest on a home loan tax deductible?

Kaitlin Dean

in Student Loans

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Caroline Campbell on July 8, 2018

Maybe , depends on if you have enough itemized deductions to overcome the Standard Deduction and your adjusted gross income is less than $100,000. The Standard Dthe education is an income deduction based on your filing status. The Standard Deduction is normally adjusted each year for inflation. In the fiscal year 2011 the Standard Deduction for single or married filing separate was 5,800 and for married filing jointly was $11,600. So to be able to deduct every dollar of the interest on your home loan, you will need to have other Schedule A Itemized Deductions that exceeded your Standard Deduction. In other words, if your qualified medical expenses, state and local income taxes, home real estate taxes, charitiable contributions, casualty losses, education expenses, investment expenses, and legal expenses become more than your Standard Deduction ($11,600 for married filing jointly) And your adjusted gross income is less than $100,000 (married filing jointly) the interest on a housing loan will be tax deductible.

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