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Did you receive the message Congrats, you get a tax break - Mortgage Interest Deduction - Your tax return already includes this deduction after entering your home mortgage interest?
Are you claiming the Standard Deduction or are you itemizing deductions on IRS form Schedule A?
Are you receiving any review errors concerning your mortgage interest?
Deductible mortgage interest is interest you pay on a loan, secured by a main home or second home, that was used to buy, build, or substantially improve the home.
Loans with deductible interest typically include:
- A mortgage to buy or build your home
- A second mortgage
- A line of credit
- A home equity loan
If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually is not deductible. Your home mortgage must be secured by your main home or a second home. You cannot deduct interest on a mortgage for a third or a fourth home.
