I know, the holidays are barely over. Who wants to talk about tax time? No one. But, now is the time to start thinking of it, especially if you have a lot to pay off or claim. Did you know that one thing you can claim as tax deductible is the interest on your mortgage? You can! It’ll help you save more money and build equity. This article at WikiHow will walk you through everything you need to know, so you can start planning now:
- At the end of the year, your mortgage company will send you an IRS Form 1098, or Mortgage Interest Statement, detailing the amount of interest you paid to the lender that year.
- Either yourself or with the help of a tax professional, file IRS tax return Form 1040 and utilize the Schedule A to make “itemized deductions”. T
- Make sure the amount entered on the Schedule A EXACTLY matches the figure on IRS Form 1098.