How do I deduct my mrtage interest from my taxes?? (1 Viewer)

[James L White]

I have the form that the bank sent me showing how much interst I paid, what IRS form do I need and is a photocopy acceptable to send in with the rest of the return?

 

[Bryan X]

You can only deduct your mortage interest if you itemize.

If you itemize your deductions, they go on Schedule A.

 

[Brad Porter]

I was just researching this myself today since I am looking to buy a house and I wanted to determine how much tax savings I could reapply to my overall budget.

Follow these instructions:

Instructions for Form 1040 and Schedules A, B, C, D, E, EIC, F, and SE (See page A-3)

Here's the main tax form:

Form 1040

Here's the form that you use to itemize:

Schedule A&B Form

Brad

 

[Philip Hamm]

I recommend using TurboTax.

 

[MikeAlletto]

Or you can do it on paper following the instructions in the books then use turbo tax online to double check your work, but just don't submit it online. Last year I used the online one to give me the final numbers but then cancelled out. If you don't electronically file then there is no fee to use the system to do the calculations.

 

[Jim_F]

For me, Tax Cut pays for itself just by saving the time otherwise spent filling out the paper forms.