Mortgage Interest Credit

The Home Mortgage Interest Credit is a tax incentive that helps lower-income households afford homeownership. To qualify, you must:

Receive an MCC: Obtain a Mortgage Credit Certificate from your state or local housing finance agency when you buy your primary home.

Pay Mortgage Interest: Pay up to $2,000 in mortgage interest annually.

If you received an MCC, use Form 8396 to figure your mortgage interest credit and any credit carryforward.

You can claim both the mortgage interest deduction and credit, but your deduction will be reduced by the credit amount.

This entry was posted on Friday, November 20th, 2020 at 4:54 pm and is filed under Credits. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.