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True or False: The actual amount of mortgage interest that could be deducted by most U.S. taxpaying homeowners is almost always greater than the standard interest deduction allowed by the Internal Revenue Service (IRS).

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emmanuelkossy

Answer:

False

Explanation:

The mortgage interest deduction is an itemized deduction that allows homeowners to deduct the interest they pay on any loan used to build, purchase, or make improvements upon their residence, from taxable income. The mortgage interest deduction can also be taken on loans for second homes and vacation residences with certain limitations.

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