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Nov 20, 2020Mortgage Interest Credit
The Home Mortgage Interest Credit is a tax incentive that helps lower-income households afford homeownership. To qualify, you must: Receive an MCC: Obtain a Mortgage Credit Certificate from your state or local housing finance agency when you buy your primary home. Pay Mortgage Interest: Pay up to $2,000 in mortgage interest annually. If you received […]
adminNov 16, 2020Home Mortgage Interest & Points
You can deduct your home mortgage interest on the first $750,000 of indebtedness. If you are married filing separately, it is the first $375,000. However, if you are deducting mortgage interest from indebtedness before December 16, 2017, the limitations are higher at $1 million and $500,000 if married filing separately. For the tax years prior […]
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