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I have Mortgage interest paid to me and mortgage interest I…

I have Mortgage interest...

I have Mortgage interest paid to me and mortgage interest I paid on the mortgage of my home I now lilve in, do I need to itemize or standard form

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We sold our home & financed it until they could sell their home; In meantime, we bought a home with a mortgage. which the interest we paid to mortgage company is more than they paid us on our previous home

Accountant's Assistant: Is there anything else important you think the Accountant should know?

We paid more for the home we bought than the one we sold.

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Answered in 19 minutes by:
3/3/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,399
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane. I can help.

...

You'll report the mortgage as interest you RECEIVE as interest income.

...

If you earned more than $1,500 in interest from all sources, then you must itemize this income on Schedule B. You must file Form 1040 or 1040A if this is the case; you may not file Form 1040EZ. The IRS also requires Schedule B if you earned interest from the sale of your home which you financed, no matter how much interest the borrower paid.

...

But then to take your OWN mortgage interest deduction you'll need to itemize where you can deduct this along with real estate taxes, state taxes and other itemized deductions.(Schedule A)

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I hold a law degree, concentrating in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents, since 1986.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,399
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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