Question: Where in the us master's tax guide/irc does it discuss deducting home mortgage interest and property taxes?

(Posted by: mitchsmuckerfantasy on 2010-04-27 11:38:01)

Are there any max incomes that do not allow you to deduct these? I've searched the CCH database and have not had much luck. Also, is it important to note Sec. 163(h)(3)(E) [Which talks about mortgage insurance premiums] to a client that makes over 250, 000 a year? Thanks for the help

Posted by: efflandt on 2010-04-27, 13:23:33

Deductions may be limited if someone is subject to ATM (alternative minimum tax). I am no expert on high income, but you might look that up, and see the following. Mortgage interest info irs.gov/ publications/ p936/ ar02.html Info about deductible taxes irs.gov/ taxtopics/ tc503.html Tax info for homeowners irs.gov/ publications/ p530/ index.html

Posted by: tro on 2010-04-27, 12:00:00

CCH discusses mortgage interest and there are limitations to the amount of interest depending on the type of mortgage also there are limitations to your itemized deductions when your income goes over the minimum limitation check the index for the topics you seek