I know my home mortgage interest is 100% tax deductible, but I want to know how that deduction is translated into dollars. Since I am in the 15% tax bracket, am I getting $15 off my income tax for every $100 I pay in mortgage interest? Or is the actual deduction calculated in a different [...]

My ex-son-in-law deducted mortgage and tax expenses on a home that he secured the loan for, was on title for, but never lived in the house nor contributed financially toward that in which he wrote off. This house was never his primary residence. It would not qualify as his secondary residence since he lived in [...]

The house is not in my name until I refinance. I signed closing papers but loan is still under sellers name. I am paying the interest. Can I deduct it? Jennifer, You can deduct the mortgage interest which you actually paid on the home on schedule A of form 1040 if you’re writing from the [...]

my parents helped my husband and i purchase a home this year. we have a loan agreement with them and have been making payments of principal and interest since june of this year. the loan is not secured on the home. the home mortgage interest deduction for federal personal income taxes requires that the loan [...]

If my girlfriend and I purchased a home together in 2006 then who claims the interest on the mortgage on their income taxes since we file seperately not being married yet? I assume that we both dont claim it since it can only be claimed once and I assume by only one person?! please let [...]

My brother and his wife live in Portland and were told by an accountant that they couldn’t deduct the interest paid on their mortgage. This didn’t sound right to me. If the state did away with it, at least they could do deduct it from their federal filing, correct? Does anyone know for sure about [...]

Not sure if mortgage interest deduction is allowable beyond a certain amount of mortgage debt (for tax filing status = single). I do not plan on renting out either of the properties. One would be my primary residence (vacant), and I would be living in the 2nd property in another state (because I had to [...]

If one has several vacation properties, is he only allowed to deduct mortgage interest and property tax on his primary home and only 1 other property? Yes unless one is a rental. addthis_url = ‘http%3A%2F%2Fwww.selviceevler.com%2Fhome-mortgage-interest%2Fcan-one-have-more-than-one-2nd-home-for-mortgage-interest-property-tax-deduction’; addthis_title = ‘Can+one+have+more+than+one+%26quot%3B2nd+home%26quot%3B+for+mortgage+interest+%26amp%3B+property+tax+deduction%3F’; addthis_pub = ”;

Hi, I bought my 1st house in 04/1998, and lived in it until I sold it in 02/2002. I had been getting mortgage interest dedcutins on it. I bought my 2nd house in 03/2002 and had been living in it until now. I had been getting mortgage interest dedcutions on it also. I am now [...]