Definition: The word "can mortgage interest be written off on taxes" refers to whether or not a mortgage can be considered an itemized deduction for tax purposes. In the United States, one of the primary ways that debtors can deduct some amount from their income is through a mortgage. If you have a mortgage and your monthly payments are not fully deductible by the IRS, then the interest on your loan would still be part of your taxable income, even if it was not previously recognized as such. So in summary: - The word "can mortgage interest be written off on taxes" means that if you're paying off a mortgage but haven't already deducted enough from your taxable income to qualify for an itemized deduction, then the interest paid on the mortgage would still have to be reported and counted.
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