Deduction Interest Mortgage

1 ContentsWhat s I. Home Mortgage 1098, Mortgage Interest To Rule for Tenant-Stockholders in Cooperative Housing II. Limits on Home Mortgage Interest Acquisition Equity To Figure Your Qualified Loan Limit and Deductible Home Mortgage Interest For the Current To Get Tax s NewMortgage insurance premiums. The item-ized Deduction for Mortgage insurance premi-ums expired on December 31, the time this publication went to print, Congress was considering legis-lation to extend the itemized Deduction for Mortgage insurance premiums. To find out if this legislation was enacted, and for more de-tails, go to developments.

2 For the latest informa-tion about developments related to Pub. 936, Home Mortgage Interest Deduction , such as legislation enacted after it was published, go to of missing children. The Inter-nal Revenue Service is a proud partner with the National Center for Missing & Exploited Children (NCMEC). Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you rec-ognize a !Department of the TreasuryInternal Revenue ServicePublication 936 Cat.

3 No. 10426 GHomeMortgageInterestDeductionFor use in preparing2017 ReturnsGet forms and other information faster and easier at: (English) (Espa ol) ( ) ( ) (Pусский) (Ti ngVi t) Userid: CPMS chema: tipxLeadpct: 100%Pt. size: 8 Draft Ok to PrintAH XSL/XMLF ileid: .. tions/P936/2017/A/XML/Cycle05/source(Ini t. & Date) _____Page 1 of 17 10:35 - 31-Jan-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before 31, 2018 IntroductionThis publication discusses the rules for deduct-ing home Mortgage I contains general information on home Mortgage Interest , including points.

4 It also ex-plains how to report deductible Interest on your tax II explains how your Deduction for home Mortgage Interest may be limited. It contains Table 1, which is a worksheet you can use to figure the limit on your and suggestions. We welcome your comments about this publication and your suggestions for future can send us comments through Or you can write to:Internal Revenue ServiceTax Forms and Publications1111 Constitution Ave. NW, IR-6526 Washington, DC 20224 Although we can t respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and forms and publications.

5 Visit to download forms and publications. Otherwise, you can go to to order current and prior-year forms and instructions. Your order should arrive within 10 business questions. If you have a tax question not answered by this publication, check and How To Get Tax Help at the end of this ItemsYou may want to see:PublicationSelling Your Home 523 Residential Rental PropertyTax Information for HomeownersBusiness ExpensesSee How To Get Tax Help near the end of this publication, for information about getting these I. HomeMortgage InterestThis part explains what you can deduct as home Mortgage Interest .

6 It includes discussions on points and how to report deductible Interest on your tax , home Mortgage Interest is any in-terest you pay on a loan secured by your home (main home or a second home). The loan may be a Mortgage to buy your home, a second Mortgage , a line of credit, or a home equity can deduct home Mortgage Interest if all the following conditions are file Form 1040 and itemize deductions on Schedule A (Form 1040).The Mortgage is a secured debt on a quali-fied home in which you have an ownership Interest . Secured Debt and Qualified Home are explained you and the lender must intend that the loan be deductible Interest .

7 In most cases, you can deduct all of your home Mortgage Interest . How much you can deduct depends on the date of the Mortgage , the amount of the Mortgage , and how you use the Mortgage all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the Interest on those mortgages. (If any one Mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same 527 530 535category.) If one or more of your mortgages doesn t fit into any of these categories, use part II of this publication to figure the amount of in-terest you can three categories are as you took out on or before Octo-ber 13, 1987 (called grandfathered debt).

8 You (or your spouse if married filing a joint return) took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2017 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately). you (or your spouse if married filing a joint return) took out after October 13, 1987, that are home equity debt but that aren t home acquisition debt, but only if throughout 2017 these mortgages to-taled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2).

9 The dollar limits for the second and third cate-gories apply to the combined mortgages on your main home and second part II for more detailed definitions of grandfathered, home acquisition, and home equity can use Figure A to check whether your home Mortgage Interest is fully 2 of 17 Fileid: .. tions/P936/2017/A/XML/Cycle05/source10:3 5 - 31-Jan-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before 2 Publication 936 (2017)NoYesYesNoYesNoNoYesNoNoYesYesYesN oFigure A. Is My Home Mortgage Interest Fully Deductible?(Instructions: Include balances of ALL mortgages secured by your main home and second home.)

10 Start Here:Do you meet the conditions to deduct home Mortgage Interest ?Were your (or your spouse's if married ling a joint return) total Mortgage balances $100,000 or less ($50,000 or less if married ling separately) at all times during the year?You can t deduct the Interest payments as home Mortgage to part II of this publication to determine the limits on your deductible home Mortgage Interest . Were your (or your spouse's if married ling a joint return) grandfathered debt plus home acquisition debt balances $1,000,000 or less ($500,000 or less if married ling separately) at all times during the year?Were your (or your spouse's if married ling a joint return) home equity debt balances $100,000 or less ($50,000 or less if married ling separately) at all times during the year?