Is Mortgage Interest Tax Deductible?

Is Mortgage Interest Tax Deductible?

Is your mortgage interest tax deductible?

Deducting mortgage interest is one of the great things about being a homeowner, but a few conditions must be met before taking the deduction.

Watch this TurboTax Support video to learn the requirements for taking the mortgage interest tax deduction and how to enter your 1098 form in TurboTax Online tax software.

For more answers to your questions, visit TurboTax.com/support

If you itemize deductions, youcan deduct the interest fromthe amount of your mortgagethat was used to buy, build, orimprove your main or second home.In order to be deductible, afew conditions must be met.The loan must be secured by the home.The home must have sleeping, cooking, andtoilet facilities, but it can be a numberof different property types.If you rented out the home, you must meetthe personal use requirement.Also, depending on when youtook the mortgage, there mightbe limitations if the debt ismore than $750,000 or $1,000,000.And if you're not on the loanor didn't make the payments,you should check for additionalrequirements.Mortgage interest is usually reported on aForm 1098.Enter yours in TurboTax and we'll ask aseries of questions to determine if you'requalified for the deduction.For more answers to your questions, visitTurboTax.com/support