Can I itemize mortgage interest?

Article ID: 59234  

Question
Can I itemize mortgage interest?

Answer

A home mortgage is any loan that is secured by your main home or second home, regardless of how the loan is labeled. It includes first and second mortgages, home equity loans, and refinanced mortgages

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 click on the DEDUCTIONS SECTION tab and then select itemized deductions. The page will have listed all items you may itemize.  Go to "interest you Paid" then click on  mortgage interest and enter the information from the 1098 you received.  

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


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Views: 2434 Created on: Jun 15, 2013