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Level 1
June 6, 2019
Question

Adding a home, interest

  • June 6, 2019
  • 1 reply
  • 3 views
i own a home, have for 2 years. i have not claimed it in the past. was considering claiming. will i go negative? i just dont want to add the home, if it will make me owe more

1 reply

June 6, 2019

If I understand you correctly, you're talking about home mortgage interest that you pay.  You can take an itemized deduction on Schedule A for the mortgage interest you pay on a primary or second home.  This is a good thing; it cannot raise the amount of tax you owe.   Here is a link to IRS Publication 936, which discusses all aspects of this deduction.

 https://www.irs.gov/publications/p936/ar02.html