2006-11-06 08:27:44 · 10 answers · asked by randomyser 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
The interest part of your mortage payment can be taken off on your taxes IF you file Schedule A & B (not the short form).
The interest is only deductible to $1M dollars annually. The interest deduction phases out as your income increases, I think about $120k for single filers and $170k for married filing jointly.
If you have a mortgage greater than the value of your home, only the interest up to the value of your home is deductible. If you have an equity loan, it is only deductible to the extent that the loan proceeds were used to improve the home.
I'm not saying that people "follow" the rules, but that's how they're published by the IRS.
2006-11-06 08:50:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, very own loan money must be revoked. every person that has ever long gone contained in the direction of the approval potential of having a private loan has worked long adequate and complicated adequate to justify the fee of a built habitat a number of cases over, and the insertion of a few third party supervisory dispensary of organic human habit, that neither produces nor can provide by way of provider something of quantifiable fabric substance yet imposes an entire life danger of punitive deprivation to extract the final public of all fee the sufferer ever produces is an workout in absurdity that defies mind's eye. Tax 'deductible' 'very own loan' money? you're talking esoteric jargon that corresponds to no organic certainty, and that's the way we've been given into this mess. Intelligence is the way out, continuation of esoteric jargon and theory interior the precis recommendations it represents is the way deeper in.
2016-12-28 14:38:54 · answer #2 · answered by jamila 3 · 0⤊ 0⤋
Only your interest is deductible, and only if you file a long form and itemize deductions. Look at IRS.com Publication 17. Its the Bible for tax preparers.
2006-11-06 08:49:33 · answer #3 · answered by someonzangel 2 · 0⤊ 0⤋
The interest payment is, the property taxes are, and some states (such as TX) offer homeowners a "Homestead Exemption" which lowers the taxable value of your property.
2006-11-06 08:36:15 · answer #4 · answered by Mr Chris 4 · 0⤊ 0⤋
You have to file for a homestead exemption on your taxes by October 1. Then you will get a discount on property tax. That is really the only tax break available.
2006-11-06 08:30:30 · answer #5 · answered by Wookie on Water 4 · 0⤊ 1⤋
Not your mortgage payment, but the interest you pay on the loan is!
2006-11-06 08:30:31 · answer #6 · answered by wish I were 6 · 1⤊ 0⤋
The principal is not deductible but the interest usually is.
2006-11-06 08:30:51 · answer #7 · answered by dundalk1 3 · 1⤊ 0⤋
the interest does, not the principle
2006-11-06 08:35:07 · answer #8 · answered by Mike is me 5 · 0⤊ 0⤋
the interest and discount points you pay do.
2006-11-06 08:29:52 · answer #9 · answered by loveholio 5 · 0⤊ 0⤋
Not any more
2006-11-06 08:47:47 · answer #10 · answered by taxed till i die,and then some. 7 · 0⤊ 0⤋