Mortgage Interest Deduction Rules

According to IRS Publication 936 (2013)

You can deduct home mortgage interest if all the following conditions are met.

  • You file Form 1040 and itemize deductions on Schedule A (Form 1040).
  • The mortgage is a secured debt on a qualified home in which you have an ownership interest. Secured Debt and Qualified Home are explained later.

View the entire publication here: http://www.irs.gov/publications/p936/ar02.html

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