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Mortgages & Loans

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  4. How do I know what amount to deduct as mortgage interest on my tax return?

How do I know what amount to deduct as mortgage interest on my tax return?

For mortgage interest payments of $600 or more, banks and other lending institutions will mail you Form 1098 listing your mortgage interest payments and also any deductible points. This amount is deductible on IRS Schedule A.

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