topic Home mortgage interest deductible? in Deductions & credits

Home mortgage interest deductible?

VAer — Sun, 21 Mar 2021 20:31:24 GMT

As I remember, it was deductible before, now this is the first time being asked about if loan is secured (Turbotax website) .

I am not sure what it means, in my 1098 form, block 7 is unchecked, but block 8 comes with the home address. So I guess I should choose "Yes, this loan is secured by a property of mine".

Thanks.

Here is screenshot on Google Drive: https://drive.google.com/drive/folders/1yvdaOpQHHOIgXSZP8xyVWGFMXwzycQ3v?usp=sharing

Re: Home mortgage interest deductible?

Mike9241 — Sun, 21 Mar 2021 21:15:35 GMT

to be deductible as mortgage interest the residence must be security for the mortgage. then you can only deduct mortgage interest on your primary and one second residence. interest on a third residence is not deductible. also there are caps on the amount of mortgage indebtedness.

Re: Home mortgage interest deductible?

DavidD66 — Sun, 21 Mar 2021 21:22:34 GMT

Yes, your mortgage interest is deductible, if you itemize deductions. Box 8 is for showing the address of the property that is secured by the mortgage when the mailing address is different than the property address. If your mailing address. If the address in box 8 is your home address, the interest reported on the 1098 is deductible (subject to certain limits and rules). In most cases, you can deduct all of your home mortgage interest. How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds.

For more information see: IRS Publication 936 (2020), Home Mortgage Interest Deduction