Who can benefit from the mortgage interest deduction?

The mortgage interest deduction allows homeowners to deduct the interest paid on their mortgage from their taxable income, which can significantly reduce their tax liability. This benefit is available to all homeowners who choose to itemize their deductions on their tax returns, not just first-time homebuyers. The deduction is particularly advantageous for those with higher mortgage interest payments, as it helps lower the overall cost of homeownership.

Renters are not eligible for this deduction since they do not have mortgage interest payments to deduct; their financial arrangements are fundamentally different from those of homeowners. While investors of rental properties can deduct mortgage interest related to their investment properties, the question specifically addresses those who can benefit broadly from the mortgage interest deduction, not limited to investment scenarios. Therefore, homeowners filing itemized returns is the correct audience for this tax benefit.