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roamen · Joined: 21 Jun 2009 Posts: 1 1.27 Dollars($)

I'm looking to purchase a home for the first time and have no idea how the morgage tax write-off works at the end of the year. What exactly can I get back in tax write offs on a morgage loan? Interest only? Mella Roos ? HOA ?

jerry · Posted: Mon Jun 22, 2009 6:37 am Post subject:

Hi roamen,

You can claim the tax deductions on the mortgage, if you itemize your taxes. If you get standard deduction, you will get a total dedcution and will not be able to claim separate tax deduction for mortgage interest and property taxes payments. You can deduct the mortgage interests, provided you file form 1040 and itemize your taxes and you are legally responsible for the loan (If you are making payments on some else's loan, you cannot claim the deductions). You can deduct the interest that you pay on the mortgage and the property taxes. As far as I know, the mella roos and the HOA fees are not tax-deductible. For more discussions on mortgage interest deductions, you can refer to the following page:

http://www.mortgagefit.com/calculate-taxdeduction.html .

Thanks,

Jerry

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Morgage Tax Write-offs for CA