Ask Experts Questions for FREE Help !
Ask
    diddlydudette1's Avatar
    diddlydudette1 Posts: 23, Reputation: 1
    New Member
     
    #1

    Feb 16, 2008, 12:32 PM
    Mortgage interest - Alternative Minimum Tax?
    I paid interest on my mortgage in 2007 and listed the amount, but now taxact is asking this on the next page (see below). I don't know how I'm supposed to answer. I didn't do any construction or improvements to my home last year so do I put all my interest in the top option? What does it mean buy home? Thanks so much for any help. :)
    --

    You have indicated home mortgage interest reported on Form 1098. If the entire interest was used to buy, build, or improve your home, check the applicable box; otherwise, enter the amount that was used for purposes other than buying, building, or substantially improving your main home or a qualifying second home.

    Mortgage interest not used to buy, build or improve home:

    Check if entire mortgage interest was used to buy, build, or improve home:
    Mobea's Avatar
    Mobea Posts: 220, Reputation: 15
    Full Member
     
    #2

    Feb 16, 2008, 06:25 PM
    You listed the mortgage interest that you paid when you bought or built your house. What they are talking about on the second line is second mortgages or home equity loans. Money that you could have spent on other things other than your home, such as vacations, autos, or just to have cash in your pocket.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Home outside of US - mortgage interest [ 6 Answers ]

I have home and home loan outside of US. Can I write off the tax for this loan?

Mortgage Interest [ 3 Answers ]

My fiancé and I purchased our first place this past year. He has been paying the mortgage and real estate taxes so he was going to claim them on his taxes this year since we are not married yet. Well, I just printed our mortgage interest statement out through our lender. I am listed as the primary...

Fully deductible mortgage interest [ 2 Answers ]

IRS Publication 936, subheading "Fully deductible interest", category #2 says: "2. Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2006 these mortgages......" My question is: if a first-time home buyer...

Mortgage interest [ 1 Answers ]

I got divorced in June 2006 and had a house that both my ex and I paid mortgage interest on. My ex bought me out of the house. Am I entitled to deduct part of the mortgage interest I paid from January to June 2006?

Mortgage Interest [ 1 Answers ]

Can someone claim your mortgage interest on their tax?


View more questions Search