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The itemized deduction is calculated based on fair market value (FMV), or another acceptable method.
This standard deduction is $9,300 in 2016.
The deduction is adjusted each year for inflation.
And the penalty is generally that the deduction is disallowed.
Not surprisingly, the mortgage interest deduction is very popular.
For the wealthiest homeowners the deduction is far better.
Thus, C's housing cost amount deduction is $5,843.
The donor's tax deduction is reduced by this amount.
And that is what the mortgage deduction is all about.
For married couples filing jointly, the standard deduction is $24,000.
Senate The maximum mortgage interest deduction is largely unchanged.
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