I pay about 650 a month in interest on my mortgage To illustrate, let’s say you are filing as single. Your standard deduction is $5,350. Your interest expense is $7,800. If this is all you itemize, then your tax savings is based on the difference 7800 – 5350 = $2,450. If you are in the [...]

I currently have a home mortgage. I just purchased land to build a new home on. Can this interest also be deducted from my taxes or is only my home mortgage interest deductible? Home under construction. You can treat a home under construction as a qualified home for a period of up to 24 months, [...]

I already have a first morgage and that interest was deducted, but can I deduct the interest from a second mortgage also? You may deduct interest on mortgages (for acquisitions) of up to $1,000,000 and home equity loans of up to $100,000. Therefore, let’s say you have a first home with a mortgage of $500,000 [...]

My significant other just bought a condo together this year . She makes double my salary but I own another condo that I rent out (barely covers my mortgage). We are trying to decide who will benefit from taking the mortgage interest deduction and how we will get the most money back from our taxes? [...]

I use Turbo Tax to file my taxes and I receive my interest statements from my bank for filing — my bank also handles paying my insurance and property taxes — In addition to deducting my mortgage insurance on my filing, can I also deduct the property taxes that were paid that year? and if [...]

House A was paid for and I took out a second mortgage to help in the purchase of House B. I now live in house B (with it’s own mortgage interest that I can write off). House A remains empty and unsold. Can I also write off the interest on House A? Yes you may. [...]

I know the standard deduction for a married couple is like 10K or so. I’m curious if the standard is still deducted when I claim mortgage interest. You have to itemize to claim mortgage interest, or any other Schedule A deduction. You cannot claim the standard deduction in any year in which you or your [...]

I wasn’t quite clear on the instructions in the 1040 booklet. Am I correct in assuming that if I have a loan under $500,000 and I’m married filing separately, I cannot deduct the interest paid on the mortgage for the past year? No. In fact, it reads just the opposite. (See the Publication 17 source [...]

1) Is there a website where we can check as what banks are giving good mortgage interest rates ? 2) Do we have to look only local banks where I live ? If I live in ILLINOIS , do I have look for a lender or bank in IL only ? 3) Any suggestions as [...]

Can I write off the mortgage interest and the property taxes paid for my second property which is a rental property for tax benifits. Both the properties are located in california. I also own an investment property outside california. Can I also write off the interest payment for that property. Rental property is not a [...]