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In all the years i have owned a house, in 4 different states, i have deducted ALL of my mortgage interest for the 1st 15 years on a 30 year mortgage. Answer 2 There is a limit as the size of the mortage goes above $1.1m. check with our financial advisor

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โˆ™ 2009-05-07 13:14:20
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Q: What is the maximum mortgage interest that you can deduct?
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Related questions

What can homeowners deduct on their taxes?

If you file a Schedule A and Form 1040 return you can deduct your Mortgage Interest, Property Taxes, and Mortgage PMI on your 1098 form from the bank or mortgage company.


Tell me the truth about interest payment deductions on filing taxes?

If you itemize, you can deduct mortgage interest and investment interest.


What will happen to your taxes when you own a home?

I think you can deduct your property taxes and the interest on your mortgage!


What will happen to your income taxes when you own a home?

I think you can deduct your property taxes and the interest on your mortgage!


Can mortgage interest and insurance be deducted on a rental home even if someone doesn't own another home and is renting too?

If you own the home in question (the title is in your name), you can deduct mortgage interest. If you are renting out the home, you can deduct some of the costs of having it as a rental, but I am not sure about the insurance. If you are renting the house only, without ownership, you may not deduct the interest.


Can you deduct interest on a home loan taken out from a relative not from a bank?

Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.


Can you split mortgage interst on income tax if 2 people own the property?

If you meet the requirements for deducting mortgage interest, you may deduct whatever interest you personally paid. You may not deduct interest that someone else (including the other owner) paid. The same applies to real estate taxes.


On disability filing federal tax form not necessary but you want to deduct real estate taxes and mortgage interest?

This would not benefit you at all. What income would you have to deduct them from?


Can you write off a first mortgage on your tax returns?

No, but if you deduct you should be able to write off the interest on a mortgage loan. Contact a tax professional for details.


Can mortgage interest on second home be deducted on tax returns?

You may deduct your interest on your principle residence plus one other qualified residence.


Is the interest deductible when you use a home equity loan to pay off a second mortgage?

The interest on the second mortgage is deductible but not the home equity loan. If you could deduct the interest on the equity loan also, then you would be double dipping and the IRS doesn't like that. In every situation, one party can and the other party can deduct the interest. Someone has to pay tax on the money transfer.


Can you deduct interest paid on a second home loan not a second mortgage but an actual second home like a lake house can you deduct the interest from your taxes?

Short answer is yes, your allowed to dedcut mortgage interest on more than one home. But of course, there are lots of qqualifications. See page 2 and on of this also linked below. http://www.irs.gov/pub/irs-pdf/p936.pdf

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