Tax specialist and author Frank Ellis walks readers through deducting the interest on their home loans in a new article on easyincometaxfilingonline.com.
Traverse City, MI -- (SBWIRE) -- 07/10/2015 -- In "Mortgage Interest Tax Deduction for 2015, 2016, Traverse City tax expert Frank Ellis discusses how homeowners can deduct interest charges on their mortgage when submitting their tax returns to the IRS. The author reveals installments are mostly made of interest in the first couple of years. It may remain a considerable part of payments. First, the mortgage loan must satisfy specific IRS conditions.
Ellis outlines these specifications on easyincometaxfilingonline.com. The loan has to be secured by the taxpayer's house and must be used to purchase or renovate a primary dwelling. Interest can also be deducted for a second house used for personal needs, the article states. Provisions are then detailed for how the IRS handles mortgage interest deduction if the house is being rented.
The article also discusses mortgage balance limitations. It reveals whether interest charges can be deducted based on the amount borrowed. The restrictions before and after October 14, 1987 are explained in more detail as well.
In addition, more insight is provided on claiming the mortgage loan interest deduction. Taxpayers who own home must use Form 1040 and Schedule A, which is used to state listed expenditures. The author then goes on to explain how TurboTax coupons can help users save money when filing their tax returns. Recommendations, deductions, and credits are shown automatically and users don't need prior knowledge of tax laws or schedules.
For more information on claiming the mortgage interest tax deduction for 2015 and 2016, go to
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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