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  • Date: Sunday, February 28, 2010 Time: 1:22 am Category: wealth Discussion: 0 Comments

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If you are a homeowner and are looking to maximize your deductions on your return this year, you do not want to miss out on the following deduction information.

Your home loan interest or otherwise known as your mortgage interest is considered as any interest you pay on a loan that is secured by your main home or a second home. These loans include:

 

A mortgage to purchase your home

A line of credit

A home equity loan

A second mortgage

 

The IRS considers the following as what may be determined as your home and it must be secured by a loan:

 

House

Condominium

Cooperative

Mobile home

Boat

Recreational vehicle

Other similar properties that must contain at a minimum sleeping space, toilet and cooking facilities

 

The interest on any of the above loans would be tax deductible with a few possible limitations:

 

You must be legally responsible for the debt and are making the payments.

The amount you can deduct may be limited if all of your mortgages total more than the fair market value of your home, or the interest is more than $1 million ($500,000 if your married and filling separately).

Your deduction may also be limited if your home-equity loans are more than $100,000 ($50,000 if your married and filling separately).

 

If you choose to itemize your tax return and deduct for your mortgage interest paid, you will receive a statement called a form 1098 from your lender with your total interest paid for the previous year, this amount will be what you deduct on your return.

When owning a home there are more deductions available to you other than just the interest paid, for example: property taxes and the points you used to obtain your mortgage may qualify as another deduction.

For more information on home loan interest deductions visit TurboTax Online today.

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