Mortgage and Credit Tips for Tax Season » Mortgage Masters Group

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This is an especially tricky tax season. Many tax-law changes Congress enacted in 2017. The following, notes Luscombe: Mortgage interest, subject to new limits; state and local income and sales.

A mortgage interest credit is a tax deduction that can be filed on your federal income tax returns. According to the IRS (and Form 8223 that is filed for mortgage interest credit), you have to possess a Mortgage Credit Certificate (MCC). An MCC is deducted from your income so it makes additional money available.

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Mortgage interest deduction. mortgage interest is the most common tax deduction homeowners think about when putting their tax forms together. "Taxpayers who itemize their deductions on Schedule A are eligible to deduct mortgage interest paid on up to $1.1 million of debt that was used to acquire or improve their primary or secondary residences,".

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Mortgage Masters Group Thanks for visiting our blog, where we guarantee you’ll find plenty of helpful information to assist you in purchasing your new home or refinancing your current mortgage. We also like to post technology and local interesting news.

With tax season in full swing, we can all benefit from additional tips, knowledge, and insight to help improve the financial outcome of our tax returns. Whether you visit an accounting professional or calculate your own tax returns, this three month period can be a stressful time.

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