Which of the following in NOT interest that can be reported on schedule A Mortga

Question

Which of the following in NOT interest that can be reported on schedule A Mortgage interest on main house Amortization points Home improvement loan interest subject to limitations Mortgage interest on a home office Which of the following in NOT interest that can be reported on schedule A Mortgage interest on main house Amortization points Home improvement loan interest subject to limitations Mortgage interest on a home office Mortgage interest on main house Amortization points Home improvement loan interest subject to limitations Mortgage interest on a home office

Explanation / Answer

Mortgage Interest paid on home office not included in Schedule A

Interest expense is the amount paid for money borrowed.

Home Mortgage interest allowed only for main home and second home.

Interest paid on residential mortgage loan is also called points is tax deductible

Home improvement loan interest is also deductible and improved the value of house.

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