Mortgage Interest Credit
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Mortgage Interest Credit
A tax break called the mortgage interest credit is available to low-income people buying their first home. Those who are eligible will receive a mortgage credit certificate from their state or local government. It will provide information needed to claim the credit on their tax forms.
Things To Know
- The credit is available to low-income people.
The credit is for up to 20% or $2,000 of the mortgage interest you paid on the home.
You must first contact the appropriate local or state government agency about getting a mortgage credit certificate before you get the actual mortgage. The credit will be available for each year you carry the loan and reside in the home.
IRS Publication 530 provides more information about this credit.