A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on the loan which is secured by their principal residence (or, sometimes, a second home). Most developed countries do not allow a deduction for interest on personal loans, so countries that allow a home mortgage interest deduction have created an exception to those rules. The Netherlands, Switzerland, and the United States each allow the deduction. In Belgium, Ireland and Sweden, only a minor part of mortgage interest is deductible.
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Famous quotes containing the words home, mortgage and/or interest:
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—George Bernard Shaw (1856–1950)
“The mortgage is still in our name but, increasingly, the house is theirs. One diaper, one vote.”
—Fred G. Gosman (20th century)
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—D.H. (David Herbert)