records to get mortgage interest deduction

Guest 0.10 Dollars($)

What records are required for getting deduction of mortgage interest in tax?

blue · Posted: Thu Mar 16, 2006 3:01 pm Post subject:

Hi Smith,

Following are the records required for mortgage interest deduction in tax, in the event of an IRS inquiry -

Copies of Form 1098, Mortgage Interest statement
name, address and social security number of the person from whom you bought your home in case the mortgage interest is paid to him. Also you require producing the amount of interest paid for the year.
Your federal tax return from last year.

Hope this information will help you.

Regards,
Blue

Guest 0.10 Dollars($)

What is Form 1098?

blue · Posted: Thu Mar 16, 2006 3:14 pm Post subject:

It is the statement sent to you by your lender so that you can know how much interest you paid.

Also, if you bought the home in the current year, the statement has the record of any deductible points paid.

Regards,
Blue

All times are GMT - 7 Hours

Page 1 of 1