Tax help?? Mortgage interest credit form?

[Deleted]

I just heard the IRS is delaying tax filing for some people, including those that file a mortgage interest credit form. I'm trying to figure out if I fall in to that category.

We itemize our deductions and own our home. We include the interest paid on our mortgage in the deductions. Is that what this form means? Or is it something else?

Thank you!

[Deleted]

As I understand that is what it means b/c we do the exact same thing.

[Norticprincess]

The interest credit and the interest deduction are different things.

[LoveTrains]

The interest credit is something else. If you are just itemizing your deductions on schedule A with mortgage interest I believe you are fine.

[Deleted]

Someone pointed this out to me in another thread yesterday...there is a difference between a mortgage interest credit and a mortgage interest deduction. If you are taking a deduction for mortgage interest you should not be effected.

www.irs.gov/pub/irs-pdf/p530.pdf

Page 8 describes the credit.

[jwright]

Jan 25, 2013 13:02:18 GMT -5 @bearysweet10 said:

I just heard the IRS is delaying tax filing for some people, including those that file a mortgage interest credit form. I'm trying to figure out if I fall in to that category.

We itemize our deductions and own our home. We include the interest paid on our mortgage in the deductions. Is that what this form means? Or is it something else?

Thank you!

The forms in the situation that you described are not delayed.  You can file on Jan 30th.

[Deleted]

You guys are great, thanks! I couldn't find the answer with google so I told my husband I would just ask my Internet friends.... He just laughed! Thank you!

[Deleted]

Ok so what is the mortgage interest credit

and which is better to take?  the credit or the deduction?

[Norticprincess]

Jan 25, 2013 14:49:35 GMT -5 vigurl said:

Ok so what is the mortgage interest credit

and which is better to take?  the credit or the deduction?

The credit is described in the link provided here. (Papiercherri's post I C&P below the iPad isn't letting me double quote)   You need a Mortgage Credit Certificate from state/local government.  Before you get a mortgage/close.  Has a bunch requirements for income levels are target/non target purchase areas. 

"Someone pointed this out to me in another thread yesterday...there is a difference between a mortgage interest credit and a mortgage interest deduction. If you are taking a deduction for mortgage interest you should not be effected. 

www.irs.gov/pub/irs-pdf/p530.pdf

Page 8 describes the credit."



eta

example program www.tdhca.state.tx.us/homeownership/fthb/mort_cred_certificate.htm

[jwright]

95% of people won't qualify to take the mortgage credit; it is not common at all and you have to get certified before you close on your home. The deduction is what all homeowners qualify for.