Home Buyer FAQ: If I Have a Mortgage Credit Certificate, Can I Still Take the Mortgage Interest Tax Deduction on My Tax Return?
If you have a Mortgage Credit Certificate (MCC), you can take a tax deduction for any additional interest paid above the value of the tax credit. For example, if you paid a total of $7,500 in mortgage interest in one year, you would be able to take an MCC tax credit of $1,500 (20% of the mortgage interest paid). You would also be able to take an itemized tax deduction for the remaining $6,000 in mortgage interest paid.
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