Mortgage Interest Credit

This credit is targeted to lower income individuals to assist them in affording homes. You must first have a qualified Mortgage Credit Certificate (MCC) from your state or local Housing Finance Agency when you purchased your main home. You may qualify if you paid $2,000 per year.

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

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.