Can You claim mortgage interest as a tax deduction? Generally, home mortgage interest is any in-terest you pay on a loan secured by your home (main home or a second home ). The loan may be a mortgage to buy your home , or a second mortgage. You can deduct home mortgage interest if all the following conditions are met. To claim your home mortgage interest , you must itemize and give up your standard deduction.
Caution: Your mortgage interest deduction may be limited (see instructions).
Home mortgage interest and points. If you didn’t use all of your home mortgage loan(s) to buy, buil or improve your home , see instructions and check this box. The tool is designed for taxpayers that were U. The amount you can deduct might be less than the total amount that appears on the form based on certain limitations. Access IRS Tax Forms.
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Business Use of Your Home 9Home Mortgage Interest Deduction. In most cases, your federal income tax will be less if you take the larger of your itemized de-ductions or your standard deduction.