Deductible mortgage interest is any interest you pay on a loan secured by a main home or second home that was used to buy, build, or substantially improve your home. Beginning in 2018, the maximum amount of debt is limited to $750,000.
You can deduct the mortgage interest only if you itemize your deduction.
To report form 1098 on your return:
- Login to your account.
- Select Federal from the left menu.
- Go to Deductions and Credits.
- Scroll down to Your home
- Click start next to Mortgage Interest, Refinancing and Insurance.
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