Definition
Tax Deduction
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Tax deduction refers to using tax deductible expense items to make tax relief claims from IRAS.
When it comes to mortgages and real estate investments, interest on the loans and a portion of rental income qualifies for tax deduction.
A lot of people don’t realize that when they take up a home loan, the interest they incur are tax deductible.
This implies that every dollar paid towards interest actually less than a dollar when you factor in the income tax savings.
If it is unclear how much interest have been paid on the housing loan for the year, it is best to check with the bank to find out the amount.
And when doubt, don’t hesitate to contact IRAS for clarification.
More tax deductible expense items can be found on IRAS.
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