| Pub. 936, Home Mortgage Interest Deduction |
2004 Tax Year |
Introductory Material
This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Reminders
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 $142,700
($71,350 if you are
married filing separately). For more information, see the instructions for Schedule A (Form 1040).
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Introduction
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 may use
to
figure the limit on your deduction.
Comments and suggestions.
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Internal Revenue Service
Individual Forms and Publications Branch
SE:W:CAR:MP:T:I
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Washington, DC 20224
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Tax questions.
If you have a tax question, visit
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