Now that the end of January is here, its time to start thinking about filing taxes.  For homeowners there is the Home Mortgage Interest Deduction.

This tax deduction gives you the ability to deduct interest paid in the year on your primary residence or a second home.  The qualifications for this deduction:

• The loan must be secured directly to the residence. Personal loans do not qualify.
• Interest on homes beyond your second home do not qualify.
• You must be personally obligated for repayment of the debt

For more information from the IRS website:

IRS - Home Mortgage Interest Tax Deduction