dreucla23 asked:


This up-front mortgage insurance premium (MIP) was rolled/financed into my loan.
And if they are tax deductible, do I deduct all of it on the tax year I closed on my home? Or do I have to spread out the deductions over the lifetime of the loan?
Also, please provide a reference with your answer. I’ve done plenty of online searches and there is an abundance of conflicting information.

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Alex asked:


Does the tax benefit of deducting mortgage interest and property taxes apply to California state taxes as well?

Dentist in San Francisco

Andy S asked:


Also, do I need a HUD settlement statement for the mortgage, and do we need a written receipt or statement from our daycare operator that we paid out $5000 in daycare?
My wife and I are filing jointly but we are seperated and are divorcing next week, so she is on me about filing but I havent gotten my 1098 yet. I have tried to google these questions and haven’t got the answers I need yet.

Thanks!

San Diego Mls

nathkore asked:


(while working in the USA, we are paying mortgage payments in Canada)
Thanks for the answers. Now how to get a MCC certificate from a non-US government. I hope the bank’s printed statement is okay… ?

Tempe Real Estate

Richard B asked:


I paid $17,465.65 in mortgage interest this year and paid $2,665.42 in property taxes, I make $52,000 a year.

Hawthorne Ca Real Estate

Sista-Girl asked:


I’m baffled when I total the amount of interest I pay per mtg payment for the year its almost 3 xs what the mortgage company reported on my 1098…how do they determine the totals

Orange County Ny Real Estate

Marky asked:


I had to move from one state to another. I have been trying to sell my old house for about a year. Finally I am going to have to do a short sell (I have a couple offers to pay less than what I owe on the home). I should probably get some money back on my tax returns and would like to use it to pay off the large credit card balances I have acquired over this period of time. Can the mortgage company seize any returns I may get because I am having to do a short sell?

Thermage Stretch Marks

RSamsung asked:


My wife and I just bought a house…My name is also on my parents title and mortgage loan, but I didn’t make any payments to their mortgage…I used to claim it in the past few years until 2007, but this year I have my own house…Can I still claim their mortgage along with my mortgage on my tax return ?

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KL asked:


Is this the correct formula for the tax deduction:
Tax rate of 38.5% times all the mortgage interest I paid in the past year?

Also, If I owe $100 in taxes but my deduction is $125 (based on formula above) does that mean the govt. will send me a check for $25?

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ibkid i asked:


For tax return, how many home can I be deducting mortgage interest for? Is it just 1st and 2nd home only? or can I also deduct mort. interest for my 3-4th home?

Commercial Property For Sale San Diego

Surjit T asked:


I am a 1st time home buyer and am in a high tax bracket (33%). I am considering whether I should accept points and buy down the rate and claim all the points (approx $11,000) in the current year when I file my returns next year? This is not a refinance mortgage.

Torrance Plumbers