What is a Mortgage on Your House?

When you finance the purchase of your house, the note on the property is referred to as the mortgage.

A bank will loan you funds to purchase the house, and then secure the note with the house itself. If you default on the loan, you can expect the bank to take the house back form you!

So, what are the various tax issues with a mortgage?

Under U.S. federal tax rules, homeowners are allowed to take an itemized deduction for mortgage interest paid during the year, as well as deduct real estate property taxes.

In this video I discuss the following topics:

1. Deductibility of mortgage interest
2. What are the limits based on the size of the loan?
3. Deductible real property taxes (ad valorem vs. non ad valorem)

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.