Is home mortgage interest tax deductible and what documents and forms do I need?


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.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: