Top 10 Individual Tax Breaks

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Deductibility of mortgage interest on owner-occupied homes

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The mortgage interest deduction is limited to interest on debt no greater than the owner’s basis in the residence, and is also limited to interest on debt of no more than $1 million. Interest on up to $100,000 of other debt secured by a lien on a principal or second residence is also deductible.

Revenue loss fiscal years 2012-2016: $609.2 billion

Next: Step-up basis of capital gains at death


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