I am a California resident. Do I entere the amount on Schedule A as well as Schedule E? Turbo tax ask me for the amount in both location. However, at the end, it seems that the total mortgage interest is higher than the amount received on my 1098. I have a four-plex and I live [...]

I am the primary borrower and she is the co-borrower. I already claimed the mortgage interest and property taxes on my 2010 return. Can she do the same? Or is it just the primary borrower that can? THere is only one cow here. YOu and your sister can divide it up any way you want, [...]

I pay about 650 a month in interest on my mortgage To illustrate, let’s say you are filing as single. Your standard deduction is $5,350. Your interest expense is $7,800. If this is all you itemize, then your tax savings is based on the difference 7800 – 5350 = $2,450. If you are in the [...]

I have 4 mortgage interest form 1098, and if I can wait until next year it will benefit me. If I use them now, I’m just reporting them if does not change my out-come at all. You should absolutely save those 1098s. Reason number one is if your software were to crash. It does happen, [...]

I am planning to buy a house in the state of washington in year 2010. Since I don’t have mortgage, I take the standard deduction now and I am wondering if I can keep doing it next year and still deduct my mortgage interest payments. Yes, it is itemized deduction. You can also deduct Mortgage [...]

Assuming the credit rate is excellent and falls under high income. Also the house price would be under 300k. If there are any mortgage lenders, could you suggest what is the current interest rate that you could estimate? Thank you. how much money are you putting down and what terms do you want, 30 year [...]

I own a home in common with another person. We’re not married. We’re both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as [...]