The Mortgage Interest Deduction in 2019/2020

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[rezaahari]

Is confusing talk about interest deduction on primary home

[konaboyz]

Too much Latin in law school, Martgages ????

[karlee]

why do they always do this? Speak low then play loud music then speak low again. Dislike for making me deaf.

[JohnDoe-erkh]

Mark, I want to repair my home but I also want to deduct the interest on a loan to make the repair. If I cannot use my HELOC to make the repair and take the deduction, how can I deduct interest on a loan for home repair and what kind of a loan do I need if I can deduct interest?

[DannyDorjee]

what's the form used for mortgage interest deduction and is it avaialble for canadians?

[gmog]

Hi Mark, If we are married and filing separately, can both of us write off the same mortgage interest twice?

[rp]

Are points deductible for the first year? Interest alone plus 10k salt don’t get me above the standard deduction. I have 20k in points that I’m buying to lose my rate a bit. Is this deductible the first year?

[waqasjaved]

What if I take HELOC on the primary residence 1st property. Pay down from that HELOC funds to buy 2nd property. Covert 1st property from pr. residence to rental property and make 2nd home as pr. residence.

[blackdragon]

My situation is that i want to buy a home for a retired family member to ultimately live in for most of the year to be closer to family (she has her own primary residence and I would visit this new "2nd home" until i can make it my primary years down the road). I have been recommended the 2nd home loan by my mortgage broker; there are a lot of rental restrictions -im having a hard time understanding the rules...I/she cant occupy it more than 50% of the time, and it cant be rented more than 50% of the time for the first year, correct? I currently rent a room in a small town that is technically my primary residence based on where I work (200 mi away) and will continue to do so. How does that work from a tax perspective?

[healthyandhappy]

I think anyone who is not living in a high state tax and high property tax state does not need to worry about itemized deduction Mark talked about in this video because standard deduction is a much better deal. That means all your mortgage interest you paid on your primary home is not helping your tax at all.

[rezaahari]

I do not get how u deduct mortgage interest primary home every year.without borrowing more under any condition.

[pastoranderson]

? I bought house last year can I write off house on taxes this year.

[chrismorgan]

I read some states stayed on the old rules, meaning you'd take standard fed deduction but need to itemize at state level. Specifically California

[bonitalong]

So, if I refinance my home that I bought in 2007 in 2019 and I was sent two form 1098. I should get a tax deduction for the interest I paid on the both loans? I fill out my taxes on Turbo tax and they gave me a deduction of $4602.06 which was the interest amount I paid on the original loan. But I also paid mortgage interest on my refi loan in the amount of $6442.36. I refinanced my home in April 2019.

[healthyandhappy]

I have first lien Heloc on my primary home and two rental properties. I used my rental Helocs to pay off the balance on my primary Heloc and then used the full amount of my primary Heloc amount to purchase two rental properties so that all the interest on that primary Heloc can be tax deductible as investment expenses.(I use standard deduction). Do you think that will work?

[lorimurguia]

That was impactful in confusing everyone!!

[nasimdelawar]

Thank you,
I have one question that I am having difficult time finding the answer,
Question: Refinance and cash out my primary home and use the money to buy an investment home cash, will that new loan of my primary home 450k be interest tax deductable?