Jan
21
Do I have to itemize deductions to deduct mortgage interest on a house?
ByI am planning to buy a house in the state of washington in year 2010. Since I don’t have mortgage, I take the standard deduction now and I am wondering if I can keep doing it next year and still deduct my mortgage interest payments.
1 Comments
January 21st, 2010 at 10:48
Yes, it is itemized deduction.
You can also deduct Mortgage insurance premiums with respect to mortgage insurance contracts on line 13 of schedule A. This deduction is available from year 2007 through year 2010. Box 4 of Form 1098 may show the amount of premium you paid in 2009.