stanw
New Member
Joined: Apr 17, 2011 20:38:41 GMT -5
Posts: 34
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Post by stanw on Mar 25, 2012 20:37:30 GMT -5
I just bought a new house at the end of 2011 and am going through my tax info and have a Mortgage Interest Statement Form 1090. The first line indicated the Mortgage interest received from payer at $2,029. Is this whole amount deductible?
Thanks.
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,452
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Post by TheOtherMe on Mar 26, 2012 12:18:06 GMT -5
Is the mortgage interest shown on Form 1098? Is the amount shown in Box 1?
If so, that should be the amount deductible as mortgage interest.
Be sure that this amount was no included on the closing statement. The year I bought my house, it was shown on the closing documents and also on Form 1098. You can't double up.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Mar 26, 2012 17:29:24 GMT -5
as long as the mortgage amount (amount borrowed) to acquire/improve the home was 1,000,000 or less the entire amount of interest paid on your principal residence is deductible, if you itemize deductions...
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