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.
Posted by Uigei at 10:11 AM

3 comments:

  1. Around The Way GirlDecember 30, 2011 at 10:16 AM

    Awesome! Thanks.

    ReplyDelete
  2. AnonymousJuly 16, 2012 at 12:41 PM

    Dealing with the IRS, and taxes in general, can be very tricky.
    I know I have had many times where I could have saved some money if I knew what I was doing. I decided to try and save some money next time and got professional irs tax help. I made the right decision. With the help of professionals, I negotiated a compromise with the IRS and ended up paying less money.
    -Jeff

    ReplyDelete
  3. WandaJuly 17, 2012 at 12:43 AM

    Thank you for your comment Jeff

    ReplyDelete

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