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Old 02-11-2009, 06:47 AM
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Talking Inerest on House Loan

1099 we have been paying insterest on house loan, if from my salary income my full amount of interest (on house loan) is eligible is or not, if eligible which percentage of total income. Kindly reply


Last edited by rksnair.k : 02-11-2009 at 06:54 AM.


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Old 02-11-2009, 06:53 AM
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1099 we have been paying insterest on house loan, if from my salary income my full amount of interest (on house loan) is eligible is or not, if eligible which percentage of total income. Kindly reply



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Old 02-11-2009, 11:44 AM
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I think what you are asking is if you can deduct the full extent of the home mortgage interest that is reported on Form 1098-Int. The answer is yes, you can deduct the full amount of the interest on your primary residence and you can offset it against your Regular Income that is reported on your W-2 and or any other income that you have earned in tax year 2008.

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Old 02-12-2009, 02:55 AM
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What is Form 1098-Int



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Old 02-12-2009, 06:23 PM
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A Form 1098-Int is a form issued by a financial institution such as a Bank that reports the total amount of interest that you have paid on your home mortgage or home equity loan in a particular year.

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