Can anyone write off the interest from their mortgage.?

Question

I just bought a house last year, and I don't understand what I am suppossed to do. Should I deduct the interest from my gross income? Do you have to make under a certain amount?

Answer 1

your tax return clearly asks you to input any mortgage interest paid so you won't pay taxes on it. you will receive a 1098 from the mortgage lender with the exact amount you paid.

Answer 2

You have to file schedule A
schedule A is a list of your itemized deduction
you file schedule A instead of taking the standard deduction, you make that choice on line 40 of form 1040
the bank will send you a statement that shows how much interest you paid in 2006, you enter that number on schedule A
also on schedule A is medical expenses, other taxes, gifts to charity casualty losses, and some job expenses
If you add all those things together and the total is greater than the standard deduction you use the number from schedule A

Answer 3

Interest and taxes paid for your primary residence are deductible.

But your deductions must be more than the "standard" deduction everyone gets.

Answer 4

Go see a tax consultant......it REALLY is best for you so you don't have to end up paying back something you thought was owed to you. They know the rules. But yes, you can deduct the interest off from your home. Check with him/her to see how.

Answer 5

File the long form, and yes.

Also, make sure you ask about what other deductions you can take like medical expenses, donations to charity, moving expenses, etc.