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Homeownership >  Mortgage Credit Certificate (MCC) > MCC Stand Alone

 

 

 

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MCC > More Information

 

bulletTax Credit versus Tax Deduction

 

A mortgage interest deduction differs from a mortgage tax credit in a number of ways. For example, all homebuyers, may take a mortgage interest deduction, whereas mortgage tax credits are available only to holders of MCCs. A deduction is a reduction in income before taxes are calculated. A credit is a reduction in the tax giving the borrower a dollar for dollar savings from their taxes.


 

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