How much mortgage interest can you claim on taxes?

Answer by  timeismoney (994)

You may claim all mortgage interest paid on the home in which you live and on one second home. This claim is a deduction, provided that you itemize your deductions.

Answer by  Kdm (180)

Provided that all other Schedule A rules are met, then you may claim all of your mortgage interest on your tax return on two of your homes.

Answer by  slkunz2003yahoocom (836)

All mortgage interest for your residence (primary home) can be deducted when you itemize deductions instead of taking the standard deduction. Your lender will send a statement showing the exact amount reported to the IRS.

Answer by  BrianSJ (524)

You have to itemize your taxes to claim any mortgage interest as deductible, because otherwise you will only be able to claim your standard personal deductions. If you choose to itemize, you may deduct the interest that you pay if you have a mortgage balance of less than $1,000,000 and under $100,000 of home equity debt.

Answer by  vengi (6)

It is based on interest rate. that interest is above 1,50,000 at claim tax. this is individual person is applicable. reason is mortgage is one type of income or that person. so this is include for claim of taxes.