Approximately $1.1 trillion dollars in mortgage loans was refinanced in the United States last year. Did you remember to take an increased mortgage interest deduction on your tax return if you were entitled to one? You are allowed to take a deduction on your personal tax return for mortgage interest you pay on a loan that is secured by either your principal residence or a second home, up to one million dollars in acquisition indebtedness. That means mortgages, lines of credit and home equity loans all qualify, as long as they are secured by your home, and you are the primary borrower, and legally obligated to repay that loan. J.K. Lasser\'s 1001 Deductions and Tax Breaks 2007: Your Complete Guide to Everything Deductible (J.K. Lasser)

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