If you have a mortgage, just be aware there are maximum limits to the mortgage interest you can deduct. The interest is limited to a maximum of interest on mortgages of $1,000,000 and equity lines of an additional $100,000, for a total of loans of $1,100,000. This will not affect most people but if you bought a house at the top ot the market, you need to be aware of this item. So if you have more than $50,000 in mortgage interest the government may require proof that you are not deducting too much interest.