Your mortgage and your taxes

Taxes: Mortgages

Ex-Homeowners Want to Reduce Tax Bill -- Can They?


Even if you don't own a home, you can reduce your income tax bill. Investing in a vacation home as a rental would give you a mortgage interest and other deductions that should be better than the standard deduction. Check out these steps.

IRS Filed a Tax Lien on Your Home -- Now What?


If you are past due on your federal income taxes, the Internal Revenue Service can file a tax lien against your house. A lien can complicate selling the home and make it difficult to refinance the mortgage. Check out your options.

Don't Overlook Tax Break of Mortgage Points


If you have ever taken out a mortgage, you probably already know of the tax advantage provided by deducting your mortgage interest payments. But many homeowners overlook another tax break available for points paid to get a home loan. In some cases, points also could shave tax bills for folks who refinanced or got an equity loan or line of credit.

Cut Taxes with Early Mortgage Payment


A little year-end attention to your mortgage payment could lower your upcoming Internal Revenue Service bill. That means your Jan. 1 mortgage statement represents interest for the month of December, making it a tax-break-eligible bill for this year. By accelerating that payment even by just a day, you get an additional tax deduction for the interest paid.

Is Mortgage Payment Help Taxable?


"I am receiving money from my mortgage lender as part of a job loss mortgage protection insurance program. Are these payments taxable and if so, how would I report them?"

Get your biggest tax refund guaranteed with TurboTax, the #1 best selling tax software. Start for free.

Tax Benefit Trimmed with 15-year Mortgage


"I am eight years into a 30-year, fixed-rate mortgage with an interest rate of 5.78 percent. I have been making additional payments toward the principal and, according to my revised amortization schedule, I am actually 13 years into a 30-year loan. Is it wise to refinance into a 15-year mortgage at 3.875 percent fixed and lose the tax deduction, which I use to its fullest?"

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