Question:

How do I take tax deduction on mortgage interest?

Answer:

In the U.S. tax deduction on mortgage interest is possible for interest paid on a loan secured by a qualifying first or second home. Interest is deductible on a first mortgage loan, second mortgage loan, home equity loan (HEL) or home equity line of credit (HELOC), as well. Home mortgage interest and points have to be itemized on your tax return, under Schedule A, to be deducted.

It is strongly recommended that you use professional tax help.

If you are not used to filing homeownership tax deductions on your own, you could read the IRS Publication 936 (Home Mortgage Interest Tax Deduction brochure). Publication 936 also refers to organizations where you could get help on deducting mortgage interest, or any tax help at all free of charge, or with for a small fee.

Low to moderate income borrowers, as well as non-English speaking individuals are strongly advised to use those tax help sources.

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