I do not currently own a home. However, my parents have a mortgage, but they cannot deduct their interest because their AGI results in zero taxable income so they already get back 100% of taxes paid. If they were to transfer ownership of their house to me, or if they simply allowed me to take [...]

I am a California resident. Do I entere the amount on Schedule A as well as Schedule E? Turbo tax ask me for the amount in both location. However, at the end, it seems that the total mortgage interest is higher than the amount received on my 1098. I have a four-plex and I live [...]

I am the primary borrower and she is the co-borrower. I already claimed the mortgage interest and property taxes on my 2010 return. Can she do the same? Or is it just the primary borrower that can? THere is only one cow here. YOu and your sister can divide it up any way you want, [...]

Last year, my earnings were all social security and some interest. I also paid for mortgages and property tax on two homes out of my savings account. In filing my taxes, the standard deduction and personal exemption wipe out any tax due – without claiming any Schedule A deductions. Since the lender sends a 1098, [...]

I am considering purchasing a home, however, I will only be there for 2 to 3 years. If I buy this home, I would like to rent it out once I leave the area. At current market conditions, I would be about $400 shy per month between rental and mortgage plus expenses. I am curious [...]

Ok, if you have a mortgage, do you get any kind of deduction or credit for the interest if you just use the STANDARD not itemized deductions? My friend said that she got some kind of credit which increased her return because of her mortgage interest even though she just claimed the standard deduction. Every [...]

I’ve just been pre approved for a VA mortgage. I’m only in the looking phase and don’t plan to close til June. How do I find out the average interest rates on VA home loans. I don’t want to find out the last minute my interest rate would be high. I heard you can find [...]

My wife and I just bought our first home in Los Angeles and I know that this coming tax year we can deduct mortgage interest and property tax. We both have full-time jobs, file jointly (both filed with 0 claimed dependants), and have a, before taxes, combined income of roughly $100k. The mortgage interest and [...]

I’ve been expecting 30 year mortgage interest rates to be increasing because of increased risk. I figure investors would want a risk premium for the risk of not being paid, and the risk that the value of the dollar will decline. Why would an investor want to invest in real estate mortgages right now? Therefore [...]

Hello, When I filed my taxes for the year 2007, I incorrectly entered $2,000 as house mortgage interest withheld for the year while I have actually paid close to 20,000. I filed it electronically. Can this be amended immediately or do I have to wait until after April 15 the 2008 to file the amendment? [...]