Can I itemize mortgage interest?

Can I itemize mortgage interest?
Article ID: 35034

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).
The mortgage is a secured debt on a qualified home in which you have an ownership interest. Secured Debt and Qualified Home are explained later.

Both you and the lender must intend that the loan be repaid.

P936 Instructions

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Created on: Jun 15, 2013