where do i take my deduction on form 1040 for interest I paid on a home mortage?

Question

i cannot find it anywhere on the form. Would I need to itemize my deductions to do this. The standard deductuion is $5150 and my interest for $2006 was around $2000. I have no other deductions that i could include.

Answer 1

Yes, you would need to itemize to deduct your mortgage interest. It's reported on Schedule A - line 10. Along with all the other itemized deductions (medical (only the excess above 7.% of AGI), state or sales taxes, real estate taxes, personal property taxes, points, investment interest, cash contributions, non cash contributions, misc itemized deductions (only the excess above 2.% of AGI)). If your total itemized deductions are above the $5,150 then you would itemize, which would include the mortgage interest, if not, then you would take the standard deduction.

Answer 2

It's not on the 1040 form. You would use a 1040 schedule A - download a copy at irs.gov and you'll see the other things you can also deduct.

Yes, you can only deduct mortgage interest if you itemize. If you own the home, didn't you pay real estate tax? That would also be deductible. And if you live someplace that has state and/or local income taxes, those are itemized deductions also. Check out schedule A to see what else you might have.

It sounds very possible that you don't have enough itemized deductions to itemize, so you wouldn't get anything for the mortgage interest specificially. That's what the standard deduction is given for - to cover most people's eligible deductions.

Answer 3

You need to use Schedule A for itemized deductions to record home mortgage interest, and on your return you would use whichever is higher - the itemized total or the standard. If you have a home you may be paying property taxes, which are also deductible on the itemized form.

Answer 4

Attach Schedule A. Itemized deductions go on Schedule A.

With only $2,000 in interest expense it would not be worth itemizing if that is your only deduction. Don't forget about property taxes and state and local income taxes, charitable donations, etc. That could potentially exceed the standard deduction amount and therefore make itemizing worthwhile.

Answer 5

You must itemize in order to deduct home mortgage interest. If your standard deduction is $5150, you have nowhere enough in interest to deduct. You're simply better off taking the standard deduction.

If your question is "Can I deduct the home interest in addition to the standard deduction?", the answer is no. You must have sufficient deductible expenses to exceed the $5150 threshold in order to take advantage of the home interest deduction.

Answer 6

First, you need to be itemizing, with that amount you qualify. There is a special line for that deduction. If you work with Turbo Tax, CPA or H&RBlock they all will give you an opportunity to include that in your deductions. Hopefully, you have more to add and hopefully you get substantial amount back. You can go to the H&RBlock site and do a demo type tax form...walk yourself thru it, and it will explain to you when and where to deduct. Good luck, hope that helps. I don't recommend doing it yourself for the first two times, because there are deductions you might miss, hence get less of a refund.

Answer 7

You do have to itemize your deductions to deduct the mortgage interest. If you have no other deductions, it is advisable to take the standard deduction instead. However, if you have mortgage interest, don't you have property taxes? and did you pay state taxes? Those are deductible, too.

Answer 8

If this is your primary residence try Schedule A. You may find some other deductions there as well...like property taxes on the house. You may be better off checking out H & R Block or some other prep company to help you make the most of your tax return.