Home Mortgage Interest Deduction ||Tax Form 1098

Tax Form 1098 reports your mortgage interest, insurance premiums, and points paid on a primary residence. You only need it if you plan to itemize deductions. After 2018, only about 13% of taxpayers itemize, mostly higher-income earners. If your itemized total is less than the 2022 standard deduction (Single $12,950 / HH $19,400 / MFJ $25,900), itemizing doesn’t make sense.

If itemizing is better for you, you can deduct mortgage interest, points, and insurance premiums. This video explains covered mortgages, limits ($750,000 loan), what qualifies as a home, and rules for second homes you partially rent.

———————CHAPTERS ———————————
00:00 - Intro
01:25 - Who Itemizes Their Taxes?
02:16 - Standard Deduction for 2022
03:11 - Schedule A Itemized Deduction
04:39 - What Mortgage Interest Qualifies?
05:01 - What Constitutes a Home?
05:18 - Mortgages that Qualify
05:47 - Amount of Mortgage that Qualifies
06:15 - More than One Borrower
07:09 - Second Home Mortgages
07:35 - Home Under Constructions
08:02 - Box-by-Box 1098
09:40 - Property Tax


——————-LINKS———————————————————

IRS Pub 936 - Home Mortgage Interest Deduction:
https://www.irs.gov/pub/irs-pdf/p936.pdf

IRS Schedule A:
https://www.irs.gov/pub/irs-pdf/f1040...


Schedule A Instructions (pg. 8)
https://www.irs.gov/pub/irs-pdf/i1040...

Does Second Home Qualifies?
https://www.irs.gov/faqs/itemized-ded...

IRS Form 1040:
https://www.irs.gov/pub/irs-pdf/f1040...

Nerd Wallet: Mortgage Interest Deduction:
https://www.nerdwallet.com/blog/mortg...


#taxguide101 #akistepinska

---------------------------DISCLOSURE------------------------------------------
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.

The information in this video is based on current tax law and IRS regulations as of date of recording and is subject to change.