How do I calculate a mortgage interest tax deduction?

Answer Consult your Form 1098, sent to you by your lender, to determine how much you paid in interest over the year. If your mortgage amount is less than $500,000 ($1 million if you are married filing joi... Read More »

Top Q&A For: How do I calculate a mortgage interest tax dedu...

Mortgage Interest Tax Deduction Formula?

As a homeowner, the Internal Revenue Service permits you to deduct some or all of your mortgage interest from your income taxes. In order to claim the deduction, you must itemize your deductions us... Read More »

What is the standard deduction amount for home mortgage interest?

No standard deduction exists specifically for home mortgage interest. Home mortgage interest is an itemized deduction that is subject to a marginal tax rate. This means if you have $1,000 in intere... Read More »

Can you claim rental mortgage interest as an itemized deduction?

According to the Internal Revenue Service, if you lived in your rental property for part of the year, you could deduct the mortgage interest paid under the home mortgage interest deduction. If you ... Read More »

How to Calculate Mortgage Interest?

The interest on a loan is the amount of money you pay to a lender. It’s typically provided as a percentage, such that the interest rate is a given fraction of the loan amount (principle). A mortg... Read More »