The IRS Deductions Blog

Posts Tagged ‘federal income tax mortgage interest deduction’

Question: Mortgage Interest Tax Deduction ?

The house is titled in my husband’s name, but the loan is still in mother in law’s name. My husband and I have paid the mortgage all year. Who claims the income tax deduction, my husband or my mother in law?

Answer: Interest statement from the mortgage company will come in mother in law’s name. Better ask your tax preparer that question. I’d be interested to hear the answer! what my first thought was: Legally mom owns the house and your purchasing from her on land contract…she claims the mortgage interest..but she also has to claim your payments as income. But I’m not certain this is correct. Never seen a mortgage company that would title a home in one name and carry the mortgage in another……

Items on Amazon Right Now for Income Tax Deduction Mortgage Interest:

Tax Break for Mortgage Debt Is Ready for the Wrecking Ball: View

Americans think differently about housing now: Developers have cut back on speculative projects and mortgage bankers view lending standards more soberly. Another important change in attitudes emerged this week when people were asked how they feel about giving up the ability to deduct mortgage interest from their personal income taxes.

Watch This Before You Prepare Your Income Taxes

Question: Tax refund question?

We’re getting $7000 back from taxes this year. I keep wondering if it’s too much. We did it through H&R Block online. My husband make 77K and we have one young child. We had about $15K mortgage interest but really no other deductions. We paid around 10K to federal taxes over the year. I don’t work so we filed married jointly. A family member was audited one year so I guess I think about that. Does it sound like we’re okay?

Answer: I believe you’re OK. Probably, too much was taken out of your husband’s earnings.

Items on Amazon Right Now for Federal Tax Deduction Mortgage Interest:

Tax the rich! Higher rates for millionaires sought

Hey, millionaires! In case you haven’t noticed, some members of Congress think you should pay more taxes.

Government Considering Eliminating Mortgage Interest Tax Deduction: CALL TO ACTION

Question: If I pay $10K in fed income tax and I pay $10K in mortgage intrest and prop tax, is all 10K deductable?

Is mortagae interest and property taxes a 1 for 1 ratio when dealing w/ U.S.A. federal income Tax Deductions? I’m looking at building a house and I will be paying about $11,000 in interest my first year and I expect property taxes to be about $4,000 per yr. My wife and I currently pay about $14,000 total in for Fed. Income taxes (we currently rent a home). Will I be able to get ALL of that $14,000 back as workable income after I deduct my interest and real estate taxes??…or is there a limit as to how much I can deduct?? Thanks.

Answer: You do not receive dollar for dollar back from the government from paying your mortgage interest. You get to adjust your gross income by subtracting the interest paid from your gross wages/tips/other income.

If you worked 1 job and had no other income and you made $50,000 then you can subtract the $11,000 from that making your Adjusted Gross Income (AGI) $39,000.

Items on Amazon Right Now for Income Tax Mortgage Interest Deduction:

Turn your tax refund into a virtuous circle

Fantasizing about what to do with your tax refund? Paying off debt or investing it in a tax-sheltered savings plan is the best route to financial freedom

Buying a Home in 2010… Taxes Do Matter