All interest incurred on a mortgage loan secured by the taxpayer's principal residence is deductible.

Question

Quizplus · Accepted Answer

Not all interest incurred on a mortgage loan secured by the taxpayer's principal residence is deductible. The deductibility of mortgage interest is subject to limitations, such as the loan being used to buy, build, or substantially improve the taxpayer's home and the loan amount being within certain limits.

All Interest Incurred on a Mortgage Loan Secured by the Taxpayer's