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Nov 20, 2020Mortgage 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 […]
adminNov 16, 2020Home Mortgage Interest & Points
You can deduct your home mortgage interest on the first $750,000 of indebtedness. If you’re married filing separately it’s the first $375,000. However, if you are deducting mortgage interest from indebtedness before December 16, 2017, there are higher limitations. It stands at $1 million and $500,000 if married filing separately. For the tax years prior […]
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