Question:

Where can I find mortgage tax deduction IRS rules explained?

Answer:

If you didn't manage to file tax returns within the April 2008 deadline, you are probably preparing tax returns for 2007 now and are interested in mortgage tax deduction IRS rules.

For the purpose, unless you are not using Certified Public Accountant (CPA) services, you might like to check out Publication 936: Home Mortgage Interest Tax Deduction brochure, published by the Internal Revenue Service (IRS).

Where to find the home mortgage interest tax deduction IRS guide?

Running a web search would do. You'd be directed to the official IRS website where Publication 936 is available in PDF or other format. You can use it to find exhaustive home loan interest and points tax deduction information on:

  • Secured debt - home acquisition and equity debt;
  • Whether your home qualifies for tax deductions;
  • Deducting mortgage insurance premiums (MIPs);
  • How to file Form 1098;
  • How to get help with IRS home mortgage tax deductions.

Mortgage and Other Tax Deduction IRS Information Sources

The web is not the only place you can get information and help with IRS tax deductions. You can walk in local libraries, post offices, copy centers, office supply stores and IRS offices and pick up IRS information materials. Also, you could locate some of the sources listed below for extensive tax preparation help.

  • Taxpayer Advocate Service (TAS) - by calling toll-free 1-800-829-4059, or locate a local taxpayer advocate through a local phone directory listing;
  • Taxpayer Advocacy Panel (TAP) is another organization dedicated to assisting tax payers;
  • Low Income Taxpayers Clinics (LIRCs) are independent organization, providing tax education and representation to individuals and households whose English language proficiency is limited. Their services are free of charge or very inexpensive.
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