If you are inquiring if you can deduct the mortgage interest and property taxes as an itemized deduction, it depends. Review the rules below:
There are requirements that you must meet to deduct the loan interest:
- Your loan must be secured by your main or second home
- Your loan must have been used to build, buy, or substantially improve the home that you used to secure the loan (You cannot deduct the interest if you used it for personal expenses.)
- The total of your mortgage debt (acquisition and home equity) did not exceed $1,000,000 if you are using the Married Filing Jointly filing status since you secured your loan in 2016.
For more information, please review the TurboTax article Are Home Interest Loans Deductible On My Taxes?
IRS Publication 936 Home Mortgage Interest Deduction provides additional information.
You can deduct the amount of property taxes that you paid.
To take these deductions, you must itemize your deductions instead of taking the Standard Deduction. For more information refer to the TurboTax Help article Claiming Property Taxes on Your Tax Return.
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