Can you write your morgage off as a tax deduction?

Question

would there be any reference material to this subject that you know of?

Answer 1

I think you can write off the intrest but i am not sure

Answer 2

Interest portion of mortage is deductive under Schedule A of the 1040 tax form.

Please note:

If you file 1040 EX or 1040A -- you can not take the mortgage deduction.

You must file the standard 1040 to be able to deduct your annual mortgage interest.

I have enclosed the reference publication from the IRS for your review. It is a PDF file.

10 pts pls.

Answer 3

You cannot write your mortgage off as a tax deductions. IRS only allows you to deduct interests paid on a mortgage when you fill out your tax returns with complete detail of all your deductions.

Answer 4

As long as you (1) itemize your tax return and (2) you're the only one paying the mortgage, you can deduct the interest and real estate taxes. Your mortgage company will send you a statement after year-end that will show the amount of interest you paid. It'll will also the taxes, if you escrow through your mortgage payment.

http://www.irs.gov/

Answer 5

You can write off Interest Expense, Real Estate Taxes and Closing "Points" (if it's a new purchase) on your Federal Income Tax. State Income tax deductions may vary.

Answer 6

Depending on the state you reside in, you can deduct property taxes and interest paid on a mortgage from property you own.

Answer 7

You can write off the mortgage interest. Your mortgage company should send you a statement at the end of the year telling you the amount you paid in interest that year.

Answer 8

The interest part yes!

Answer 9

yes but only the interest amount you paid