Tax Preparation Help  
Pub. 936, Home Mortgage Interest Deduction 2006 Tax Year

Publication 936 - Introductory Material

This is archived information that pertains only to the 2006 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Personal interest. Personal interest is not deductible. Examples of personal interest include interest on a loan to purchase an automobile for personal use and credit card and installment interest incurred for personal expenses. But you may be able to deduct interest you pay on a qualified student loan. For details, see Publication 970, Tax Benefits for Education.

Limit on itemized deductions. Certain itemized deductions (including home mortgage interest) are limited if your adjusted gross income is more than $150,500 ($75,250 if you are married filing separately). For more information, see the instructions for Schedule A (Form 1040).

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This publication discusses the rules for deducting home mortgage interest.

Part I contains general information on home mortgage interest, including points. It also explains how to report deductible interest on your tax return.

Part II explains how your deduction for home mortgage interest may be limited. It contains Table 1, which is a worksheet you can use to figure the limit on your deduction.

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Internal Revenue Service
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Tax questions.   If you have a tax question, visit www.irs.gov or call 1-800-829-1040. We cannot answer tax questions sent to either of the above addresses.

Publication

  • 523 Selling Your Home

  • 527 Residential Rental Property

  • 530 Tax Information for First-Time Homeowners

  • 535 Business Expenses

See How To Get Tax Help, near the end of this publication, for information about getting these publications.

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