The Internal Revenue Service issued the rules for home mortgage interest deduction for use in 2014 tax preparation. Part I explains the rules required for home mortgage interest, such as what qualifies as home mortgage interest and how to report it on your tax forms. Part II contains the limitations to the home mortgage interest deduction on home acquisition debt, home equity debt, and grandfathered debt. A worksheet is provided to assist in figuring out the limitations.

See Publication 936.

Posted by Aryane Garansi, Associate Editor, Wealth Strategies Journal