Comments on: What’s the rule on mortgage interest deductions? http://dkrh.com/mortgage/whats-the-rule-on-mortgage-interest-deductions Your Mortgage Resource Thu, 29 Jul 2010 08:45:30 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Judy http://dkrh.com/mortgage/whats-the-rule-on-mortgage-interest-deductions/comment-page-1#comment-2599 Judy Tue, 01 Sep 2009 07:13:42 +0000 http://dkrh.com/2009/08/29/whats-the-rule-on-mortgage-interest-deductions/#comment-2599 Mortgage interest and real estate taxes or you itemizes though the other cant take. Mortgage interest and real estate taxes or you itemizes though the other cant take.

]]> By: Brian J http://dkrh.com/mortgage/whats-the-rule-on-mortgage-interest-deductions/comment-page-1#comment-2598 Brian J Mon, 31 Aug 2009 06:25:47 +0000 http://dkrh.com/2009/08/29/whats-the-rule-on-mortgage-interest-deductions/#comment-2598 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.) 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.)

]]> By: Phillip http://dkrh.com/mortgage/whats-the-rule-on-mortgage-interest-deductions/comment-page-1#comment-2597 Phillip Sun, 30 Aug 2009 22:46:13 +0000 http://dkrh.com/2009/08/29/whats-the-rule-on-mortgage-interest-deductions/#comment-2597 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. 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.

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