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Finance Dictionary and Glossary of Investment Terms
Mortgage interest deduction
Definition 1.
A federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence.
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Definition 2.
A federal tax deduction granted for interest paid on a mortgage used to buy, build, or renovate a residence. The deduction is intended to encourage renters to become homeowners, under the belief that home ownership encourages upstanding citizenship and reduces crime.
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