[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-303457-105":53,"doc-detail-303457-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","the-mortgage-interest-deduction-frequently-asked-questions-updated-may-2013","THE MORTGAGE INTEREST DEDUCTION - Frequently Asked Questions - Updated May 2013","","A detailed FAQ explains the U.S. Mortgage Interest Deduction (MID) as a federal tax expenditure that lets eligible mortgage holders deduct mortgage interest from individual federal income taxes. The FAQ defines tax expenditures, summarizes estimates of the number and cost of MID from OMB and the Joint Committee on Taxation, and compares MID with other housing-related tax subsidies. It also describes how MID works, which taxpayers qualify through itemizing, and how benefits vary by income and tax brackets.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/the-mortgage-interest-deduction-frequently-asked-questions-updated-may-2013/303457/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/the-mortgage-interest-deduction-frequently-asked-questions-updated-may-2013/303457.png","ImageObject",442,249,{"name":88,"@type":89},"Elsa","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-04","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",6,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What is the Mortgage Interest Deduction (MID)?","Question",{"text":109,"@type":110},"The MID is a federal tax expenditure that allows certain mortgage holders to deduct the interest paid on their mortgages from their individual federal income taxes.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How does the MID work when filing taxes?",{"text":114,"@type":110},"To benefit, taxpayers must file an itemized tax return and deduct qualifying mortgage interest on eligible first and second homes, with additional rules for certain home equity loans.",{"name":116,"@type":107,"acceptedAnswer":117},"Who benefits from the MID, and who does not?",{"text":118,"@type":110},"Benefits mainly accrue to taxpayers who itemize and typically those with higher incomes, while renters, people who paid off mortgages, and those whose incomes and/or mortgages are too low to itemize do not benefit.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},303457,1790220368,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":47,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":73},137455077381,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","THE MORTGAGE INTEREST DEDUCTION  \nFrequently Asked Questions  \nPrepared by the National Low Income Housing Coalition  \nUpdated May 2013  \nOwning one’s home is a strong American value. Most Americans consider home ownership to be the ideal form of housing tenure, and will own their homes sometime in their lives or will aspire to do so. Approximately two-thirds of American households live in owner-occupied homes, with a modest decline in the home ownership rate as a result of the Great Recession.  \nU.S. public policy, especially since the early 20th century, has supported this ideal. The most popular housing related public policy is the Mortgage Interest Deduction. Indeed, the association between home ownership and tax breaks is so strong that most people believe buying a home comes with a tax advantage, even if they do not know what it is or how it works.  \nWhat follows is a primer on the Mortgage Interest Deduction that is intended to make it more transparently understood.  \n1. What is the Mortgage Interest Deduction (MID)?  \nThe MID is a federal tax expenditure that allows certain mortgage holders to deduct the cost of the interest paid on their mortgages from their individual federal income taxes.  \n2. What is a federal tax expenditure?  \nA federal tax expenditure is a provision in the U.S tax code that allows individual or corporate taxpayers to reduce the amount of federal income tax owed if they meet certain criteria. Tax expenditures are more familiarly known as tax breaks or tax loopholes. Most economists and tax policy analysts agree that tax expenditures are spending through the tax code, whose objectives could be met just as easily through direct spending. Tax expenditures result in taxes not being collected and thus are a cost to the federal Treasury.  \n3. How many federal tax expenditures are there and how much do they cost?  \nThere are 169 tax expenditures listed in the FY14 federal budget prepared by the Office of Management and Budget totaling $1,182,572,000,000 for 2014.  \n[http://www.whitehouse.gov/omb/budget/Supplemental](http://www.whitehouse.gov/omb/budget/Supplemental)  \nThe Joint Committee on Taxation of the Congress also analyzes tax expenditures each year. The JCT document explains why there are differences between the two estimates.  \n[https://www.jct.gov/publications.html?func=startdown&id=4503](https://www.jct.gov/publications.html?func=startdown&id=4503)  \nWhen reading studies or reports on any tax expenditures, it is important to know which source from which year is cited. NLIHC uses the OMB numbers unless otherwise stated.  \n4. What is the total cost of the MID to the Treasury?  \nAccording to OMB, the MID will cost $101.5 billion in 2014 and $640.2 billion between 2014 and 2018. The JCT estimates a cost of $71 . 7billion in 2014 and $379 billion from 2013 to 2017.  \n5. Are there other federal housing subsidies in the tax code?  \nYes, there are three others that support homeownership. OMB estimates the cost of the deduction of real estate property taxes, the exclusion of capital gains, and the exclusion of imputed rent 1 as individual tax expenditures that benefit home owners. JCT only counts the first two. The values for 2014 are:  \n2014 Tax Expenditures OMB JCT  \n\n| Deduction for Real Property Tax | $25.16 billion | $28.6 billion |\n| --- | --- | --- |\n| Exclusion for Capital Gains | $45.87 billion | $24.8 billion |\n| Exclusion for Imputed Rent | $75.52 billion | n/a |\n\nThe tax expenditure that supports low income rental housing is quite limited in comparison. OMB estimates the value of the Low Income Housing Tax Credit in 2014 to be $8.3 billion; the JCT estimate is $6.7 billion.  \n6. How does the MID work?  \nWhen filing annual federal income tax returns, the taxpayer(s) can deduct the interest paid in that tax year on a home mortgage of up to $1 million. The deduction is based on the size of the mortgage, not on the value of the house. The interest can be on mortgages on first and second homes. ","cbCais6JjetZHOj0","https://ap.wps.com/l/cbCais6JjetZHOj0","pdf",208807,"English","# 1. What is the Mortgage Interest Deduction (MID)?\n# 2. What is a federal tax expenditure?\n# 3. How many federal tax expenditures are there and how much do they cost?\n# 4. What is the total cost of the MID to the Treasury?\n# 5. Are there other federal housing subsidies in the tax code?\n# 6. How does the MID work?\n# 7. Who benefits from MID? Who doesn’t?","[{\"question\":\"What is the Mortgage Interest Deduction (MID)?\",\"answer\":\"The MID is a federal tax expenditure that allows certain mortgage holders to deduct the interest paid on their mortgages from their individual federal income taxes.\"},{\"question\":\"How does the MID work when filing taxes?\",\"answer\":\"To benefit, taxpayers must file an itemized tax return and deduct qualifying mortgage interest on eligible first and second homes, with additional rules for certain home equity loans.\"},{\"question\":\"Who benefits from the MID, and who does not?\",\"answer\":\"Benefits mainly accrue to taxpayers who itemize and typically those with higher incomes, while renters, people who paid off mortgages, and those whose incomes and/or mortgages are too low to itemize do not benefit.\"}]","THE MORTGAGE INTEREST DEDUCTION - Frequently Asked Questions - Updated May 2013 | PDF",1789803768]