Misunderstood the mortgage interest deduction

[woowoo]

Originally posted by: nakedfrog

Originally posted by: Toasthead
where the heck do you find a $150k house???

$150k would buy me a pretty nice house. I paid about half that for the house I have now.

Same here......

 

[kranky]

Originally posted by: Fingolfin269
This will be the first year I have the opportunity to take advantage as well. I made the mistake of not holding on to every house payment notification since I have it set to autopay online. Do mortgage companies typically send out summaries at the end of every tax year? Along the same lines as an employer?

What you will get every year is called a Form 1098, which will tell you what you paid in mortgage interest. The IRS gets a copy so they know what you deduct in mortgage interest is legitimate.

 

[49erinnc]

Originally posted by: EagleKeeper

You incurred the costs in 2006 - that is when they are deductible

Thanks for the very helpful info! Suddenly, I don't feel as sickened from owing so much for my medical bills. That deduction should help me out a good bit this filing. Now I just have to hope I can get all my office visit and prescription receipts. Guess my insurance provider should be able to provide all of that for me though.