ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 137: How to Deduct More of Your Mortgage Interest

If you have a mortgage, you may be able to deduct interest paid on your tax return. Some may hear that and think “duh - obviously,” but it’s actually more complicated than most people consider. First, it’s not guaranteed; mortgage interest only counts if you itemize your deductions or if you’re a 1099 earner with a home office and you actualize your expenses. But even more difficult to comprehend is the amount you can actually take as a deduction, especially if you have a mortgage balance that exceeds certain thresholds, multiple loans, points, and refinances.

This episode, we’ll get into the ways to maximize your deduction and bring clarity to what the IRS rules say on this matter.

Topics Discussed:     
  • The most wealthy neighborhoods in the U.S.
  • Common confusion surrounding the calculation of mortgage interest deductions.
  • A history of interest deduction and how it has changed over the years.
  • Tax form 1098 and important boxes to pay attention to.
  • Helpful calculations you can do to keep track of your proper deduction.
  • Special cases to keep in mind.

Resources Mentioned:

Tags

ER doctor, emergency medicine, emergency doctor, ER, financial planning, tax deductions, mortgage interest, mortgage interest deduction

by 
Scott Wisniewski, EA