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Form 4797 Corpus Christi Texas: What You Should Know

Call (714) 888–2473 If you were to sell your house and live in it as a tenant, you could qualify for the mortgage deduction. If you were to live rent-free in a home you own as a tenant, you could lose the home mortgage deduction on its value. But you will receive 2,500 more if your house is more than five years old (100,000 × 4). You will also receive an additional 800 in the event you rent out the home or if you have a business. There are limits to this deduction, so you cannot live rent-free for more than 15 or 16 months consecutively. If your income doesn't exceed the limits, you can keep the home mortgage deduction. Home Mortgage Interest Deduction — Ineligible Investments If your investments don't qualify, the house does. If your home isn't your principal residence, you cannot claim the mortgage interest deduction. If your home is your principal residence, and you earn more than 200,000 before you take your home mortgage deduction, you must itemize on Schedule A. If you have a rental in which you are the primary tenant, it's also exempt. If you are eligible for the mortgage interest deduction in other cases, you could lose it. What Does This All Mean? Your home mortgage interest deduction is restricted to cash, stocks, bonds, and other investment instruments which meet the following tests. Your property must be your principal residence, and you must be the person who pays the mortgage on the property. (You can't be in the business of renting the property.) If you are the person who pays the mortgage, you must be in the business of renting a home. Your investment must be a qualified long-term or short-term capital gain that qualifies for the home mortgage interest deduction. In addition, you must have owned your home the whole time you were paying rent for it. It is not a business rental, such as vacation homes If you have other tax implications of the deduction, see Your Home Mortgage Interest Deduction: Tax Tip 1. For more information on the deduction and other tax topics, including the Alternative Minimum Tax and the Alternative Exclusion, see The IRS Home Mortgage Interest Deduction.

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