: For mortgages issued after 2006, premiums were generally deductible for taxpayers with an adjusted gross income (AGI) below $109,000. Deductibility Limits and Changes
: Taxpayers could deduct interest on up to $1 million in mortgage debt for homes purchased before December 16, 2017. This was one of the largest potential breaks; for someone in the 25% tax bracket, this effectively meant the government "paid" 25% of their interest.
What are the tax benefits of homeownership? | Tax Policy Center
Homeowners could deduct specific expenses from their taxable income if these costs, combined with other deductions, exceeded the 2017 standard deduction ($6,350 for singles; $12,700 for married filing jointly).
For the 2017 tax year, the average individual tax refund was .