Is home mortgage interest tax deductible and what documents and forms do I need?
Answer:Yes. Once again, home mortgage interest is tax deductible - it is reported on Schedule A, on Form 1040. Home loan interest cuts substantially your taxes and taxable income.
Needed Forms to File Home Mortgage Interest Tax Deductions
If your itemized deductions (home loan interest, property taxes, medical bills, etc.) exceed your standard deductions you'll need to file Form 1040 (long).
- Form 1040;
- Form 1098 provided by your lender;
- HUD-1 Statement;
- IRS Publication 936;
- IRS Schedule A and Instructions for Schedule A.
As a taxpayer you might be interested in reading the Internal Revenue Code Section 163(h) and 56(e) about limitations and minimum tax on home loan interest tax deductions.
Final piece of advice: Monitor your credit report and score regularly, to ensure there are no inaccuracies or unauthorized activity. Your credit report and score are the two major methods that creditors and lenders use to make a credit decision about you. Higher scores usually mean lower interest rates, which will save you money.
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