The home mortgage interest deduction is a tax benefit that allows homeowners to deduct the interest paid on their mortgage from their taxable income. This deduction can help reduce the overall tax burden for individuals who itemize their deductions on their federal tax returns. To qualify, the mortgage must be secured by the taxpayer's primary residence or a second home, and the loan amount must fall within certain limits set by the IRS. This deduction is particularly beneficial for new homeowners, as they typically pay more interest in the early years of their mortgage.