Mortgage Interest Limited Smart Worksheet

Mortgage Interest Limited Smart Worksheet If your mortgage interest deduction needs to be limited for one of the following reasons, use the Deductible Home Mortgage Interest Worksheet to determine the amount to be reported on lines A. B, and C below: — The principal amount of your mortgage and home equity debt is over $750,000 ($375,000 if married filing separate), or — You had home debt that was not used to buy, build or substantially improve your home that secures the loan Quickzoom to Deductible Home Mortgage Interest Worksheet Does your mortgage interest need to be limited: Yes . . . No . . . A Home mortgage interest and points reported on Form 1098: 1 Sum of lines 5a through 5d below 2 Limited amount to report on Sch A, line 8a B Home mortgage interest not reported on Form 1098: 1 Sum of lines 6a and 6b below 2 Limited amount to report on Sch A. line 8b C Points not reported on Form 1098: 1 Sum of lines 7a through 7c below 2 Limited amount to report on Sch A, line 8c EFTA01222148