Which taxpayers are currently making use of the mortgage interest deduction?

Nov 302010
 

I ask this, because an article written by Scott Burns (writer for Dallas News), believes that very few people can take advantage of the mortgage interest deduction.

 

http://assetbuilder.com/blogs/scott_burns/archive/2010/11/19/would-you-miss-the-mortgage-interest-deduction.aspx

 

 

I know that we are able to make use of the deduction, because of 2 things: Mortgage interest is under the standard deduction by a little more than $1,000/yr. This is even on a short term (15 year) mortgage. However, our property taxes are relatively high (slightly over $8k), which is just about 2.3% of the appraised value of our house. So, between the 2, we are easily able to make use of the mortgage interest deduction.

 

So, who else is able to use the deduction?

How do I adjust the interest deduction for my second mortgage?

Mar 282010
 


My second mortgage is 15 million. As far as I know, only the first $ 100,000 of net interest payments. This is correct, if so, is reasonable, I just left a trace where the deduction of interest (last year I only pay interest), 3?

Can we take deduction of home insurance premium on tax return?

Jan 292010
 


301 Moved301 MovedThe document has movedhere.

How does the tax deduction work for mortgage interest payments?

Jan 282010
 


This is the correct formula for the tax: tax rate 38. 5% of the time of all the mortgage interest last year I have to pay? Also, if I have a hundred dollars in taxes, but I have deducted $ 125 (based on the formula above), which means that the official seal. Send me the check would be 25 yuan?

Mortgage Insurance Premium Deduction Question?

Jan 202010
 


I am currently paying a mortgage insurance on my FHA loan, and was completed in 2002. These amounts do not appear in my 1098. It is because the loan closed in 2006 or before, I should contact the mortgage company? It seems to me wrong, we will lose the deduction, if we still have to pay the amount. . .