joint taxpayer filing a return with an agi of $105,000, $6,500 in mortgage interest paid, and $1,200 in mortgage insurance premiums paid has what potential maximum deduction for mortgage interest in ty2021?

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Hardeep2310 Hardeep2310

26-10-2022
Business

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joint taxpayer filing a return with an agi of $105,000, $6,500 in mortgage interest paid, and $1,200 in mortgage insurance premiums paid has what potential maximum deduction for mortgage interest in ty2021?

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RadhaYadav216 RadhaYadav216 · Answer 1 · 2022-10-29T13:53:12-04:00

The potential maximum deduction for mortgage interest in 2021 would be $6,500. This is because the taxpayer's AGI is above the threshold for the deduction and they have paid mortgage interest during the year.

What is mortgage interest?
The interest charged on the a lender used to buy a piece of property is referred to as mortgage interest. The percentage of a total amount of a mortgage that the lender issued that is used to determine the sum of interest due. Mortgage interest can be fixed or variable and compounds. In the initial phase of the loan, the majority of the borrower's payment goes forward into mortgage interest. In order to finance the purchase of a home or some other piece of property, the majority of consumers need a mortgage. In a mortgage agreement, this same borrower commits to paying the lender on time every month for a predetermined period of time, or until the loan is fully repaid or refinanced. A principal portion as well as interest are included in the mortgage payment.

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