how much interest are you allowed to write off your in taxes on primary property each year?

Answer 1

All Interest paid, and most of the closing costs the year of closing the loan are allowed.

I have to ask you why would someone want you doing their loan when you have to ask such a basic question that all lenders should know. This displays exactly why some lenders are having to beg for business.

Answer 2

You can deduct all the interest from your mortgage and equity line of credit/second mortgage. You might find, however, that the standard deduction gives you a bigger refund than itemizing all your deductions (including that mortgage deduction).

Answer 3

ALL OF IT! :)