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home mortgage

is home mortgage deductible for 2018?

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TurboTax Specialist

home mortgage

The mortgage itself is not, but you are allowed to deduct things like the mortgage interest, points and mortgage insurance premiums; if you are itemizing. All of that will be listed on your 1098 mortgage interest statement that you'll receive. You can find more information on deductions you are allowed to take here Home Ownership Tax Deductions

 

There are two big tax breaks that most homeowners will qualify for. They lower your taxable income and may decrease the amount of tax you owe.

 

They consist of:

 In order to take the mortgage interest deduction, you have to meet some requirements. 

  1. You or either someone else on your return must have signed/co-signed for the loan.
  2. There must be cooking/sleeping/toilet facilities in that home that's listed on the loan
  3. That loan is secured by either your main home or a second home
  4. And if you rented it, you must have used it for personal use at least 10% of the number of days rented or for at least 14 of those days during the tax year.