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02-06-2002, 07:19 PM
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#1 |
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Guest
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When does Mortgage interest deduction start?
I've pruchased my first home in Sept 01
Can I claim deduction for mortgage interest paid in calender year '01 on this year's return ? Are there any other home buying fees such as, closing costs, downpayments, up front taxes, etc. deductable ? Last edited by Dan Rutherford : 03-04-2002 at 12:53 PM. |
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02-07-2002, 08:48 AM
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#2 |
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Registered User
Join Date: Aug 2001
Posts: 206
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Sure. If you itemize you can deduct home mortgage interest paid in 2001 on your 2001 return. Such interest is deductible on up to $1.1 million of debt used to buy your principal residence. Also, if you paid points to get your mortgage, that expense is also fully deductible as interest on your 2001 return. You claim the deductions on Schedule A along with your other itemized write-offs.
--kevin mccormally editorial director Kiplinger's Personal Finance magazine |
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