Home Mortgage Interest

Home Mortgage Interest
Home mortgage interest refers to any interest paid on a loan secured by the taxpayer's personal residence, including the principal residence or a second home.
Personal Interest Expense
Personal interest expense refers to any interest that is not categorized as home mortgage interest, investment interest, or business interest. The tax deduction for personal interest expense was completely eliminated after 1990.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.