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Mortgage INterest credit

How do I determine what percentage I enter in regards to the mortgage interest credit I can claim?

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LeticiaF1
Employee Tax Expert

Mortgage INterest credit

You should be able to pay the whole amount of interest that you paid as long as you meet the following conditions must be met for mortgage interest to be deductible:

 

  • The loan is secured, which means the lender has some kind of guarantee of payment, usually in the form of property. 
  • The home with the secured loan must have sleeping, cooking, and toilet facilities.
  • The debt can’t exceed $750,000 (or $1,000,000 if the loan was taken before December 16, 2017) to get the full deduction.
  • You or someone on your tax return must have signed or co-signed the loan.
  • If you rented out the home, you must have used the home more than 14 days during the tax year or 10% of the number of days you rented it out, whichever is greater.

Where do I enter my 1098 mortgage interest statement?

Can I deduct my mortgage interest? - TurboTax Support - Intuit

 

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