RSamsung asked:


My wife and I just bought a house…My name is also on my parents title and mortgage loan, but I didn’t make any payments to their mortgage…I used to claim it in the past few years until 2007, but this year I have my own house…Can I still claim their mortgage along with my mortgage on my tax return ?

Doc Biz asked:


I have a rental unit on my property that is included with my mortgage. Can I claim that percentage of the mortgage as a deduction (based on square footage) or just the mortgage interest? (FYI: Yes I do have a tax professional but she is unavailable for a few days and I would just like to know for planning purposes). Thanks!!!

EveandK B asked:


I’m renting my house, which I pay the mortgage for. So I’m not sure how to deduct mortgage interest now. Any software I use there is a section for deducting your mortgage interest. But since I’m renting now I’m not sure if I should look at the mortgage interest as a job expense? Also since I’m renting now can I deduct the principal as well since I’m paying all that to keep my rental property?

Tuan asked:


mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan?

Thank you.

lyricsborn808 asked:


I was legally separated in July, 2009 and my wife got the house. We made mortgage payments together up to our separation date (6 months). She made the mortgage payments for the remainder of the year. Can I claim half of the mortgage interest on my taxes?
I’m filing single.

KL asked:


Is this the correct formula for the tax deduction:
Tax rate of 38.5% times all the mortgage interest I paid in the past year?

Also, If I owe $100 in taxes but my deduction is $125 (based on formula above) does that mean the govt. will send me a check for $25?

eva asked:


My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how?
The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.

Thesmo asked:


I own a home in common with another person. We’re not married. We’re both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS?

ibkid i asked:


For tax return, how many home can I be deducting mortgage interest for? Is it just 1st and 2nd home only? or can I also deduct mort. interest for my 3-4th home?

Ashutosh G asked:


I am planning to buy a house in the state of washington in year 2010. Since I don’t have mortgage, I take the standard deduction now and I am wondering if I can keep doing it next year and still deduct my mortgage interest payments.