Question

Which item(s) are tax deductible for consumers who are buying or renting a home?

Answer 1

You can deduct the interest and property tax portions of your mortgage payment, medical bills, etc.

Answer 2

A deductible expense is one you can subtract from your taxable gross income.

For consumers who are buying or renting a home deductible tax is the interest and property tax portions of your mortgage payment, medical bills, etc. After you purchase a home, you are allowed to deduct all of your interest payments on any mortgage up to $750 million.