Finance
In Michigan, mortgage loan interest on a primary residence is generally:
ANot deductible for federal income tax purposes
BDeductible on federal income taxes for taxpayers who itemize deductions✓ Correct
CDeductible as a business expense for all homeowners
DOnly deductible for the first 5 years of the loan
Explanation
Mortgage interest on a primary (and one secondary) residence is deductible for federal income tax purposes for taxpayers who itemize deductions, subject to loan balance limits under current IRS rules.
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