The mortgage itself is not, but you are allowed to deduct things like the mortgage interest, points and mortgage insurance premiums; if you are itemizing. All of that will be listed on your 1098 mortgage interest statement that you'll receive. You can find more information on deductions you are allowed to take here Home Ownership Tax Deductions
There are two big tax breaks that most homeowners will qualify for. They lower your taxable income and may decrease the amount of tax you owe.
They consist of:
In order to take the mortgage interest deduction, you have to meet some requirements.