Qualified Residence Interest

The interest one pays on the mortgage for one's qualified residence, which is one's primary residence. In the United States, one may take a tax deduction on qualified residence interest. That is, one may reduce one's taxable income by the amount one pays in interest on all eligible mortgages. There are some limits to the deduction: for example, one may only deduct interest on the first $1,000,000 worth of mortgages, aggregated with other home debt. However, most homeowners can deduct all of their mortgage interest.

单词	qualified residence interest
释义	Qualified Residence Interest Qualified Residence Interest The interest one pays on the mortgage for one's qualified residence, which is one's primary residence. In the United States, one may take a tax deduction on qualified residence interest. That is, one may reduce one's taxable income by the amount one pays in interest on all eligible mortgages. There are some limits to the deduction: for example, one may only deduct interest on the first $1,000,000 worth of mortgages, aggregated with other home debt. However, most homeowners can deduct all of their mortgage interest.
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