Friday, December 30, 2011

How much of my mortgage interest will I be able to deduct ?

The Question
 How can I guesstimate how much mortgage interest I will get back?

The Answer
You are going to receive an official end of year statement probably in two weeks or less. However, you can go to your November statement (if you didn't get a December statement yet), and look at your principal paid and then the interest paid (year to date). It may be on the back of your statement...and then of course, you can always call to get a verbal account. 
Great question Joyce...Thanks

Based on some limitations, not all interest will be 100% deductable.  Please check with your tax professional for a full answer to your tax scenario.