Can I deduct mortgage interest?

If you itemize your deductions, you can deduct the interest from the amount of your mortgage that was used to buy, build, or improve your main or second home. In order to be deductible, a few conditions must be met:

The loan must be secured by the home. The home must have sleeping, cooking, and toilet facilities, but it can be a number of different property types. If you rented out the home, you must meet the personal use requirement. Also, depending on when you took the mortgage, there might be limitations if the debt is more than $750,000 or $1,000,000. And if you’re not on the loan or didn’t make the payments, you should check for additional requirements.

Mortgage interest is usually reported on a Form 1098. Enter yours in TurboTax and we’ll ask a series of questions to determine if you’re qualified for the deduction.

For more answers to your questions, visit turbotax.com/support.