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- In most cases, you can deduct the mortgage
interest portion of your house payment from your taxes, if you
itemize your deductions on Schedule A (Form 1040).
- You can estimate the "Effective Interest
Rates" for each income tax bracket. The "Effective Interest
Rate" is the calculated annual interest rate that you will
pay for the year after you deduct qualified mortgage interest
from your taxes.
- Other related costs to close your mortgage
loan may also be tax deductible. This will include points paid
and other up-front lending fees. See your tax advisor for further
information.
Need a financial advice from a CPA
www.cpadirectory.com
Complete and file your own taxes
using your PC
www.quicken.com/taxes/
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| Publication
936: Home Mortgage Interest Deductions |
click
here |
| Download
Publication Form 936 |
click
here |
| Publication 530: Tax
Information for First-Time Homeowners |
click
here |
| Download
Publication Form 530 |
click
here |
| Download IRS1040,
Schedule A: Itemized Deductions |
click
here |
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