The IRS Deductions Blog

Posts Tagged ‘mortgage’

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Question: How much of my mortgage interest is deductible?

I paid around $7500.00 in interest on my home loan. last year. Now without including my mortgage interest I owe the govt around 4400.00 dollars and was wondering when i include my mortgage interest will that help offset what I owe them. And I made about 70,000 last year and only paid about 4000.00 in federal taxes

Answer: All of your interest plus your property taxes are deductible. The $4000 paid in seems low for that income level, so I suggest going through the IRS publications looking for as many deductions as you can. Given that the mortgage interest is above the standard deduction and if you add in property taxes, you should be able to shave that amount owed down some.

Items on Amazon Right Now for Deductible Home Mortgage Interest:

Great Remodeled Ranch Home

Question: Is mortgage interest 100% deductible and what about the origination fee?

Answer: Yes and Yes.

Items on Amazon Right Now for Deductible Mortgage Interest:

Do You Know That Your Mortgage Interest is Deductable? Jan Rose-Witt