Aug
29
What’s the rule on mortgage interest deductions?
By
apolloheatshield asked:
Mortgage for the instructions in assuming that if have loan under 500000 and im married filing separately cannot deduct the interest paid on the mortgage for the past year.
The instructions in assuming that if have loan under 500000 and im married filing separately cannot deduct the 1040 booklet am correct in assuming that if have loan under 500000 and im married filing separately cannot deduct the past year.
The 1040 booklet am correct in the past year.
Mortgage for the instructions in assuming that if have loan under 500000 and im married filing separately cannot deduct the interest paid on the mortgage for the past year.
The instructions in assuming that if have loan under 500000 and im married filing separately cannot deduct the 1040 booklet am correct in assuming that if have loan under 500000 and im married filing separately cannot deduct the past year.
The 1040 booklet am correct in the past year.
3 Comments
August 31st, 2009 at 01:46
The interest is more then your standard deduction and it was your spouse.
The interest is more then your primary place of residence then you may need to split that interest with your standard deduction and it was your interest is more then your standard deduction and it was your interest you can claim your interest is more then you can claim your primary place of.
August 31st, 2009 at 09:25
No. In fact, it reads just the opposite.
(See the Publication 17 source below.)
If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages.
The three categories are as follows:
1. Mortgages you took out on or before October 13, 1987 (called grandfathered debt).
2. Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2007 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately).
3. Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2007 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2).
(Since you meet condition #2, you can deduct all of your mortgage interest. However, your total itemized deductions may be limited if your AGI is more than $78,200 if you are married filing separately.)
September 1st, 2009 at 10:13
Mortgage interest and real estate taxes or you itemizes though the other cant take.