Mortgage interest and property taxes are deductible for federal income tax purposes for homeowners.

Question

Quizplus · Accepted Answer

Mortgage interest and property taxes are two common deductions that homeowners can take on their federal income tax returns. These deductions help to reduce the taxable income of homeowners and can result in significant tax savings. It is important to note that there are limitations and restrictions on these deductions, so homeowners should consult with a tax professional or use tax software to ensure they are claiming these deductions correctly.

Mortgage Interest and Property Taxes Are Deductible for Federal Income