JamesG1
Expert Alumni

Deductions & credits

The standard deduction does not reduce the amount of Mortgage Interest Credit that you receive.

 

However, if you itemize deductions on Federal 1040 Schedule A Itemized Deductions, you must reduce your deduction for home mortgage interest on Federal 1040 Schedule A by the amount on line 3 of IRS Form 8396.

 

@KimE2

 

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