Federal Income Tax and Mortgage Interest

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Federal Income Tax and Mortgage Interest - If you own a home, do not forget that the interest you pay on your mortgage can be tax deductible. Your current lender will send you a printout of the amount of interest you paid during the year. This is one of the biggest advantages of home ownership.

If you do not receive your statement from your lender by January 31st or so for the previous year you should contact your lender to have them reissue you another copy. This can help out tremendously when doing your IRS Federal 1040 forms and itemizing your deductions. Many consumers do not pay off their mortgage for the fact that they like having the write-off of mortgage interest.

If you purchased your home in the past year, you may want to consult your tax advisor about possible tax savings for "points" or origination fees you may have paid at closing. Have a copy of your HUD settlement statement for their review. If you are unable to locate it, ask your mortgage professional for a copy of it. They should be able to provide one.

The federal government recently allowed PMI to be tax deductible. This may be a fair sized deduction for home owners who purchased homes with no money down and have high PMI payments. You will want to check with your tax professional to be positive your situation allows the PMI deduction.

If you have any questions about your taxes and what can be deducted and what can not, make sure you consult a tax professional. They will make sure that you are keeping yourself legal and getting the most back.

In most cases, you will be able to deduct all of your home mortgage interest. Whether you can deduct all of it depends on the date you took out the mortgage, the amount of the mortgage, and your use of its proceeds.

You can also deduct any amount you pay for points to reduce the interest rate of your mortgage or other loan linked to your home. In most cases, the points on a mortgage to buy or build your principal home can be deducted fully in the first year. However, if you refinance, take a home equity loan, or a loan secured by a second home, the points must be deducted over the life of the new loan. The exception is if you use part of a refinanced mortgage to improve your house; that portion of the points can be deducted in the same year.

Some lenders have automated phone systems where you can check how much interest you've paid year-to-date. This can be helpful if you're preparing your tax returns and need to plug in the number, but haven't received your mortgage interest statement yet.

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Interest Only & Pay Option from $650K to $40 Million

Feeling Like a Square Peg in a Round Hole? Super Jumbo mortgage lending is a highly specialized field, requiring a level of expertise gained only through the experience of handling a large number of multi-million dollar transactions.  If you're tired of lenders trying to "fit" your unique financial needs into their conventional lending comfort zone, consider becoming a Private Client of R1.

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Where is Your Home?	Start Here Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington, DC Washington State West Virginia Wisconsin Wyoming		How Much is it Worth?	Below $650,000.00 $650,000.00 $700,000.00 $750,000.00 $800,000.00 $850,000.00 $900,000.00 $950,000.00 It's OK to Estimate $1.00 Million $1.10 Million $1.20 Million $1.30 Million $1.40 Million $1.50 Million $1.60 Million $1.70 Million $1.80 Million $1.90 Million $2.00 Million $2.25 Million $2.50 Million $2.75 Million $3.00 Million $3.50 Million $4.00 Million $4.50 Million $5.00 Million $6.00 Million $7.00 Million $8.00 Million $9.00 Million $10.00 Million $12.50 Million $15.00 Million $17.50 Million $20.00 Million $25.00 Million $30.00 Million $35.00 Million $40.00 Million or More
How Can We Help You?	Take Cash Out Improve Cash Flow Fix Interest Rate Consolidate Debt Purchase a Home Construction Loan Non-USA National		Desired Loan Amount	Below $650,000.00 $650,000.00 $700,000.00 $750,000.00 $800,000.00 $850,000.00 $900,000.00 $950,000.00 It's OK to Estimate $1.00 Million $1.10 Million $1.20 Million $1.30 Million $1.40 Million $1.50 Million $1.60 Million $1.70 Million $1.80 Million $1.90 Million $2.00 Million $2.25 Million $2.50 Million $2.75 Million $3.00 Million $3.50 Million $4.00 Million $4.50 Million $5.00 Million $6.00 Million $7.00 Million $8.00 Million $9.00 Million $10.00 Million $12.50 Million $15.00 Million $17.50 Million $20.00 Million $25.00 Million $30.00 Million $35.00 Million $40.00 Million or More
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Interest Only & Pay Option from $650K to $40 Million

Feeling Like a Square Peg in a Round Hole? Super Jumbo mortgage lending is a highly specialized field, requiring a level of expertise gained only through the experience of handling a large number of multi-million dollar transactions.  If you're tired of lenders trying to "fit" your unique financial needs into their conventional lending comfort zone, consider becoming a Private Client of R1.

Get More Information from the Super Jumbo Experts. Call (800)290-4770 or Fax (800)517-7095

Where is Your Home?	Start Here Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington, DC Washington State West Virginia Wisconsin Wyoming		How Much is it Worth?	Below $650,000.00 $650,000.00 $700,000.00 $750,000.00 $800,000.00 $850,000.00 $900,000.00 $950,000.00 It's OK to Estimate $1.00 Million $1.10 Million $1.20 Million $1.30 Million $1.40 Million $1.50 Million $1.60 Million $1.70 Million $1.80 Million $1.90 Million $2.00 Million $2.25 Million $2.50 Million $2.75 Million $3.00 Million $3.50 Million $4.00 Million $4.50 Million $5.00 Million $6.00 Million $7.00 Million $8.00 Million $9.00 Million $10.00 Million $12.50 Million $15.00 Million $17.50 Million $20.00 Million $25.00 Million $30.00 Million $35.00 Million $40.00 Million or More
How Can We Help You?	Take Cash Out Improve Cash Flow Fix Interest Rate Consolidate Debt Purchase a Home Construction Loan Non-USA National		Desired Loan Amount	Below $650,000.00 $650,000.00 $700,000.00 $750,000.00 $800,000.00 $850,000.00 $900,000.00 $950,000.00 It's OK to Estimate $1.00 Million $1.10 Million $1.20 Million $1.30 Million $1.40 Million $1.50 Million $1.60 Million $1.70 Million $1.80 Million $1.90 Million $2.00 Million $2.25 Million $2.50 Million $2.75 Million $3.00 Million $3.50 Million $4.00 Million $4.50 Million $5.00 Million $6.00 Million $7.00 Million $8.00 Million $9.00 Million $10.00 Million $12.50 Million $15.00 Million $17.50 Million $20.00 Million $25.00 Million $30.00 Million $35.00 Million $40.00 Million or More
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