Question:
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.
Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
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Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
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Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
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Common misspellings: mortage and morgage