Most mortgage interest is tax
deductible. Mortgages you took out after October 13 th 1987, to
buy build or improve your home (called home acquisition debt),
but only if through 2005 these mortgages plus any grandfathered
debt totaled $1 million or less ($500,000 or less if filling
separately). Check with your tax advisor to be sure if your
mortgage interest is tax deductible.