Mortgage Interest 2018-2025 Form

What is the IRS Publication 936?

The IRS Publication 936 provides detailed information regarding the home mortgage interest deduction for taxpayers in the United States. This publication outlines eligibility criteria, the types of mortgage interest that can be deducted, and the necessary forms and documentation required for claiming the deduction. It serves as a crucial resource for individuals looking to maximize their tax benefits related to home financing.

How to Use the IRS Publication 936

To effectively use the IRS Publication 936, taxpayers should first review the eligibility criteria outlined in the document. This includes understanding what qualifies as deductible mortgage interest and any limits that may apply. After determining eligibility, individuals can follow the step-by-step instructions provided in the publication to accurately complete the necessary tax forms, such as the 2017 IRS mortgage form. It is essential to retain all supporting documentation to substantiate the claimed deductions.

Steps to Complete the IRS Publication 936

Completing the IRS Publication 936 involves several key steps:

1. Gather all relevant mortgage documents, including Form 1098, which reports mortgage interest paid.
2. Review the eligibility criteria to confirm that your mortgage interest qualifies for deduction.
3. Follow the instructions in the publication to fill out the 2017 IRS mortgage form accurately.
4. Double-check all entries for accuracy and ensure that all required documentation is attached.
5. Submit the completed form by the tax filing deadline.

Key Elements of the IRS Publication 936

Key elements of the IRS Publication 936 include:

• Definition of deductible mortgage interest.
• Eligibility requirements for claiming the home mortgage interest deduction.
• Instructions for completing the relevant tax forms.
• Examples of deductible mortgage interest scenarios.
• Information on limits and phase-outs applicable to high-income earners.

Filing Deadlines / Important Dates

It is crucial to be aware of the filing deadlines associated with the IRS Publication 936. Typically, individual tax returns are due on April fifteenth of each year. However, if this date falls on a weekend or holiday, the deadline may be extended. Taxpayers should also consider any extensions they may need to file their returns, which can provide additional time to gather necessary documentation and complete the forms accurately.

Required Documents

To complete the IRS Publication 936, taxpayers must gather several required documents, including:

• Form 1098 from the mortgage lender, indicating the amount of mortgage interest paid.
• Closing statements from the purchase of the home or refinancing documentation.
• Records of any additional interest payments made during the tax year.
• Documentation supporting the eligibility for the home mortgage interest deduction.

Eligibility Criteria

Eligibility for the home mortgage interest deduction as outlined in the IRS Publication 936 includes several factors:

• The mortgage must be secured by the taxpayer's primary residence or a second home.
• The total mortgage debt must not exceed the limits set by the IRS.
• Taxpayers must itemize their deductions on Schedule A of Form 1040.
• The mortgage must be for a qualified residence, which includes a house, condo, or mobile home.