Mortgage Interest Write-off

As you have probably read, owning a home can be great because you can write-off the interest you pay on your mortgage. This is generally true, but you still have to make the payments! Regardless, the IRS allows you to write-off the interest on the first $1,000,000 in mortgage debt. You can also write off the interest on the first $100,000 of a home equity loan. It can be a nice deduction, but is touted as being a windfall when it really is not.