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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4152
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Dear Tax expert, In partial year my total Mortgages amount

Customer Question

Dear Tax expert,
In partial year my total Mortgages amount exceeds 1 Million, but I paid off 1 in middle of the year, so how should I deal with the mortgage interest in tax return? Do I have to use the P 936 to calculate the average mortgage amount?
Thanks
Submitted: 4 years ago.
Category: Tax
Expert:  PDtax replied 4 years ago.

PDtax :

hi from just answer.

PDtax :

yes, you do need to use the schedule on Page 10 of the publication 936. There is also a simple averaging method that you may qualify for that would eliminate the need for monthly or other averaging techniques.

PDtax :

A link to the publication is:http://www.irs.gov/publications/p936/ar02.html#en_US_2011_publink1000229991. A pdf version can be found at http://www.irs.gov/pub/irs-pdf/p936.pdf.

PDtax :

If this answers your question, please click Accept, and thanks from Just Answer. We appreciate bonuses if appropriate as well. If you have additional questions related to this issue, I can assist further, even after an Accept.