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While the main deduction you'll hear most about is the mortgage interest deduction, there are others too, including the following:
Mortgage insurance premiums paid in connection with your qualified home after 2006 may be treated as deductible mortgage interest.
Property taxes are generally deductible too. Â In certain cases and to varying degrees, home improvements may be deductible.
Prepaid interest and â€˜pointsâ€™ (also called loan origination fees, maximum loan charges, loan discount, or discount points).
Late payment charge on mortgage payment may be an eligible deduction.Â
Mortgage prepayment penalty,
Consult IRS Publication 936, 2011 and be sure to consult your tax professional too.