Posted on: 21st Jan, 2008 12:50 pm
How long can I deduct my mortgage intrest? If I have already paid the points, can I use this as a deduction yearly. Can I use my intrest if I itemize my deductions, I pay a lot and would like to get some type of credit for it. thanks
If it's your primary residence you should be able to deduct the interest paid each year, but I would much rather you go to a tax adviser/CPA for this type of advice as there could be many factors impacting what you can or cannot do. Your tax guy/girl should be able to give you some valuable input on this.
I'll agree with Shane. If it is your primary residence, you can deduct the interest on the home loan on a yearly basis as long as you don't end up paying the loan. However, the deductions would phase out as your interest payment go on reducing towards the end of the loan period.
Hi Jbarto,
POints or should i say discount points are deductible under certian circumstances.
Please check out the details at:
http://www.mortgagefit.com/discount-point.html
http://www.irs.gov/taxtopics/tc504.html
Take Care
POints or should i say discount points are deductible under certian circumstances.
Please check out the details at:
http://www.mortgagefit.com/discount-point.html
http://www.irs.gov/taxtopics/tc504.html
Take Care
You can deduct the interest on your primary home for as long as you quallify to file 1040. I believe there is a minimum requirement to file 1040.
I don't that one can qualify for interest as long as he can qualify to file Form 1040.
Form 1040 is the tax return form and applies to all taxpayers. Whereas, you can deduct the interest on your mortgage as long as you itemize deductions.
Form 1040 is the tax return form and applies to all taxpayers. Whereas, you can deduct the interest on your mortgage as long as you itemize deductions.
Not everyone qualifies for 1040. You have to have a minimum amount of right offs, I think but not sure.
Most home mortgages will qualifiy.
We use the interest we pay out for our mortgage each year every year.
