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eTax.com Form 1098 Mortgage Interest Statement
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At tax time, if you have a mortgage loan on your home you should
expect to receive a Form 1098 (Mortgage Interest Statement) from your lender. The Form 1098 reports the amount of interest you paid throughout the year. You are not required to file this form with your taxes, because a copy will automatically be sent to the IRS by the bank. You do need to ensure that the amount you claim in mortgage interest deduction on 1040 Schedule A matches what is stated on the Form...
Related topics : interest home equity loan tax deductible / bank home loan
eTax.com Home Mortgage Interest Deduction
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Despite heading into the winter season, preparations you take today could make the springtime a little brighter, in terms of tax time savings. For homeowners, itemizing your taxes can help you get a little extra in savings, as you can claim interest that you've paid on your first and second mortgages up to $1.1 million, as a deduction. The debt total includes a $1 million in mortgage loans and an additional $100,000 in home-equity loans, which aren't required to be used...
Related topics : interest home equity loan tax deductible / mortgage loan home equity
eTax.com How Much Is Student Loan Tax Deduction?
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Paying for college is rough, especially if you’ve resorted to student loans to cover the cost of your education. It’s not all bad though, as you can deduct up to $2,500 in student loan interest at tax time. The deduction is phased out once you gross a specific annual income, though it may not matter as much if you have just graduated.
If you file your taxes using the single status, the deduction for student loan interest begins to phase out for taxpayer who make...
Related topics : student interest loan deduction phase out / interest student loans tax deductible / education loan interest deduction / student college loan
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