Mortgage Interest Tax Deduction

Paid interest on a home mortgage loan is deductible.

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Mortgage interest tax deduction: the basics

Home mortgage loan interest is deductible if you itemize.

Mortgage interest tax deduction: what counts

Interest payments for a mortgage on your primary or secondary residence, a line of credit, or a home equity loan are all deductible.

In order to take the tax deduction, you must be liable for the loan.

Form 1098 lists your mortgage interest and the total paid mortgage points.

Schedule A, Form 1040 should be used to claim this deduction.

Note: For less than $600 in annual interest, Form 1098 is not sent. Enter appropriate information about your interest during the e-filing interview.

Limits to home mortgage interest tax deduction

Each type of loan has different rules.


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Next: deducting mortgage points.

Related IRS publications

Get more information about the home mortgage interest tax deduction with the IRS Publication 936

For a paper return, attach Schedule A with your return. With e-filing all this is completed for you.

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