We bought our home in June 06. Can we use the interest we paid on our mortgage as a deduction, and if so what form do we use? i cant find it on the 104ez or 1040....
2007-01-24 12:38:21 · 4 answers · asked by LydonPuggles 2 in Business & Finance ➔ Taxes ➔ United States
Mortgage interest is claimed on Schedule A. You have to file Form 1040 to claim it. Assuming that you're married, your total itemized deductions must exceed the standard deduction ($10,300 for 2006) for itemizing to be worth while.
2007-01-24 12:43:53 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, interest, points, and real estate taxes are deductible. You list on on Schedule A of Form 1040 - Itemized Deductions.
2007-01-24 12:45:55 · answer #2 · answered by MamaBean 3 · 0⤊ 0⤋
It's on Schedule A--an attachment-- used when you itemize deductions rather than take the standard deduction, and comes into play at the top of pg 2 of the 1040.
2007-01-24 12:48:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the rule could be which you would be able to take a deduction (in case you itemize) for the loan pastime and sources tax "you paid" while you're on the identify. on the same time as the IRS have traditionally be slightly unfastened on implementing the regulations in case you have been audited you're able to desire to coach which you paid the quantity which you're claiming. it extremely is slightly late to ascertain one in each and every of those record however the superb way could be which you would be able to constantly pay the loan and taxes with a examine from an account that basically you're on. Now any money present that your boyfriend might make to you on a month-to-month bases in a pair of million/2 the charge quantities could be a now taxable experience.
2016-12-16 12:50:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋