Posted on: 03rd Sep, 2007 08:59 am
Say you take out a mortgage on a house. I was wondering what part of the mortgage payment would be tax deductible?
As far as I know monthly interest you pay on the mortgage is tax deductible.
Yes Besmir, mortgage interest is tax deductible. For more details you can go through the IRS website: Home Mortgage Interest Deduction
Miller
Miller
"Say you take out a mortgage on a house. I was wondering what part of the mortgage payment would be tax deductible?"
I would like to add that points/loan origination fees paid is also deductible along with mortgage interest.
I would like to add that points/loan origination fees paid is also deductible along with mortgage interest.
Hi Besmir,
The interest rate on a mortgage is tax deductible only under certain conditions. They are mentioned as follows:
1) The borrower must file Form 1040 to itemize the deductions on it.
2) The borrower must be legally liable for the loan or else he cannot deduct the payments.
3) The loan must be a secured debt against the home.
The interest rate on a mortgage is tax deductible only under certain conditions. They are mentioned as follows:
1) The borrower must file Form 1040 to itemize the deductions on it.
2) The borrower must be legally liable for the loan or else he cannot deduct the payments.
3) The loan must be a secured debt against the home.