Can i deduct the interest paid on a home that I was selling.

kylekristenevans — Sat, 01 Jun 2019 02:03:19 GMT

Any mortgage interest that you paid during the year for y...

GeoffreyG — Sat, 01 Jun 2019 02:03:21 GMT

Any mortgage interest that you paid during the year for your primary residence or a vacation home is eligible for a tax deduction, even if you sold that property during the year. (The deduction is taken via Form 1040, Schedule A). In other words, if you owned the home from January through August, you could deduct the interest paid between January and August.

Similarly, if the property was a rental, and you sold it during the year, the interest paid on the mortgage is a legitimate rental expense, and thus can be deducted (via Form 1040, Schedule E).

Of course, mortgage interest is only deductible up to certain limits, and there are some other rules that you should know about if you don't already. TurboTax actually has a FAQ page devoted to this topic, and I would respectfully encourage you to visit it to learn more. Here is the link:

TurboTax Explains the Mortgage Interest Deduction

Hopefully this will provide you with the information you need to complete this portion of your tax return.

Thanks for asking this question, and good luck to you!

Regards

topic Can i deduct the interest paid on a home that I was selling. in Deductions & credits

Can i deduct the interest paid on a home that I was selling.

Any mortgage interest that you paid during the year for y...