 |  | Is My Home Mortgage Interest Fully Deductible?
You can deduct home mortgage interest only if all the following are true:
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1) You file IRS form 1040 and itemize deductions on Schedule A (Form 1040)
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2) You are legally responsible for the loan. You cannot deduct payments that
you make for someone else if you are not legally obligated to make them.
Both you and the lender must intend that the loan be repaid. In addition,
there must be a true debtor-creditor relationship between you and the lender.
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3) The mortgage must be a secured debt on a qualified home. Generally, your mortgage
is a secured debt if you put your home up as collateral to protect the lender's
interests. The term "qualified home" means your main home or second home. For details,
see IRS Publication 936.
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