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Can I itemize mortgage interest?

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Question
Can I itemize mortgage interest?

Answer

Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, refinancing your home, or a home equity loan.

You can deduct home mortgage interest only if you meet all the following conditions:

  • You must file Form 1040 and itemize deductions on Schedule A (Form 1040).
  • You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender.
  • The mortgage must be a secured debt on a qualified home.

In the program, you will go to the DEDUCTIONS tab and then save and continue thru to the page that asks you if you want to itemize your deductions.  Choose Yes.  Then when you continue you will come to a page that asks you to enter your mortgage interest paid from the 1098 you received.  This is all you need to enter if you received a 1098. 

For more information, please see Schedule A instructions as well as Form 1098 instructions.


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Views: 524 Created on: Jun 15, 2013
Date updated: Aug 20, 2015
Posted in: Deductions

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