Home Mortgage Interest Deduction ||Tax Form 1098
Tax Form 1098 reports your home mortgage interest as well as mortgage insurance premiums and points paid on the purchase of a principal residence. Do you need the form to file your taxes? Only if you are going to itemize your taxes. After tax year 2018, with the passing of the Tax Cuts & Jobs Act, only 13% of taxpayers itemize their taxes. Taxpayers in the highest brackets take advantage of itemizing more than taxpayers in the lower brackets. If your itemized amount will be lower than the standard deduction for 2022 (Single $12,950 / HH $19,400 / MFJ $25,900) then it won’t make sense to itemize.
However, if it is better for you to itemize you can deduct your mortgage interest, points, and mortgage insurance premium. This video will teach you what kind of mortgages are covered, up to what amount ($750,000 in mortgage loan/equity loan), what constitutes a home, whether you can claim mortgage interest on a second home that you rent partially and more.
———————CHAPTERS ———————————
00:00 - Intro
01:25 - Who Itemizes Their Taxes?
02:16 - Standard Deduction for 2022
03:11 - Schedule A Itemized Deduction
04:39 - What Mortgage Interest Qualifies?
05:01 - What Constitutes a Home?
05:18 - Mortgages that Qualify
05:47 - Amount of Mortgage that Qualifies
06:15 - More than One Borrower
07:09 - Second Home Mortgages
07:35 - Home Under Constructions
08:02 - Box-by-Box 1098
09:40 - Property Tax
——————-LINKS———————————————————
IRS Pub 936 - Home Mortgage Interest Deduction:
https://www.irs.gov/pub/irs-pdf/p936.pdf
IRS Schedule A:
https://www.irs.gov/pub/irs-pdf/f1040...
Schedule A Instructions (pg. 8)
https://www.irs.gov/pub/irs-pdf/i1040...
Does Second Home Qualifies?
https://www.irs.gov/faqs/itemized-ded...
IRS Form 1040:
https://www.irs.gov/pub/irs-pdf/f1040...
Nerd Wallet: Mortgage Interest Deduction:
https://www.nerdwallet.com/blog/mortg...
#taxguide101 #akistepinska
---------------------------DISCLOSURE------------------------------------------
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.
The information in this video is based on current tax law and IRS regulations as of date of recording and is subject to change.
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