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Mortgage Interest Deduction on Qualified Homes

Home Mortgage Interest Deduction

Home ownership comes with many tax benefits you should take advantage of when filing your tax return. One of the more substantial benefits is the mortgage interest deduction on your qualified homes.

The IRS will not allow you to claim a deduction for every dollar of interest you pay on your home mortgages. Rather, the deduction is only available for the mortgages you take out to purchase or substantially improve a qualified home. Your qualified homes always include the main residence where you live for a majority of the year plus one additional home you own that you use for personal purposes rather than for investment or rental purposes. If you own more than one second-home, the IRS allows you to choose the one to include in the mortgage interest deduction each year; however, you can never choose your main residence as it is always the place you live for a majority of the year.

Mortgage Interest Deduction Limitations

Once you determine which homes are your qualified homes, you need to be aware of the limitations the IRS imposes on the amount you can deduct. The maximum mortgage balance that qualifies for the mortgage interest deduction is $1 million. This $1 million is the total for both homes, not for each one. To illustrate, suppose you have an outstanding mortgage of $500,000 on your main residence and a $700,000 mortgage on your vacation home. You will be able to deduct all interest payments you make on the mortgage for your main home. However, you can only deduct the interest that accrues on $500,000 of the vacation home mortgage. The interest payments you make that relate to the excess $200,000 are nondeductible.

Deducting Mortgage Interest on Schedule A

The last step to claiming the mortgage interest deduction is electing to itemize your deductions on a Schedule A attachment to your return. This is the only way you can deduct the interest, and if you claim the standard deduction instead, you can’t save any additional tax with the mortgage interest.

Reference: IRS Publication 936-Home Mortgage Interest Deduction