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Deductible
An expense that can be subtracted from gross income to reduce the amount of taxable income.
Tax Return
A document filed with a tax authority reporting income, expenses, and other pertinent tax information. Tax returns are mandatory to accurately report one’s income tax liability.
Home Mortgage Interest
Interest paid on a loan secured by a principal residence or a second home, which can be deductible on federal income tax returns under certain conditions.
Form 1098
A tax form that reports the amount of interest and related expenses paid on a mortgage during the tax year.
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