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Can I Refile My Taxes

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Can I Refile My Taxes

Can i refile my taxes Publication 936 - Main Content Table of Contents Part I. Can i refile my taxes Home Mortgage InterestSecured Debt Qualified Home Special Situations Points Mortgage Insurance Premiums Form 1098, Mortgage Interest Statement How To Report Special Rule for Tenant-Stockholders in Cooperative Housing Corporations Part II. Can i refile my taxes Limits on Home Mortgage Interest DeductionHome Acquisition Debt Home Equity Debt Grandfathered Debt Table 1 Instructions How To Get Tax HelpLow Income Taxpayer Clinics Part I. Can i refile my taxes Home Mortgage Interest This part explains what you can deduct as home mortgage interest. Can i refile my taxes It includes discussions on points, mortgage insurance premiums, and how to report deductible interest on your tax return. Can i refile my taxes Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). Can i refile my taxes The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. Can i refile my taxes You can deduct home mortgage interest if all the following conditions are met. Can i refile my taxes You file Form 1040 and itemize deductions on Schedule A (Form 1040). Can i refile my taxes The mortgage is a secured debt on a qualified home in which you have an ownership interest. Can i refile my taxes Secured Debt and Qualified Home are explained later. Can i refile my taxes  Both you and the lender must intend that the loan be repaid. Can i refile my taxes Fully deductible interest. Can i refile my taxes   In most cases, you can deduct all of your home mortgage interest. Can i refile my taxes How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. Can i refile my taxes   If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. Can i refile my taxes (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category. Can i refile my taxes ) If one or more of your mortgages does not fit into any of these categories, use Part II of this publication to figure the amount of interest you can deduct. Can i refile my taxes   The three categories are as follows. Can i refile my taxes Mortgages you took out on or before October 13, 1987 (called grandfathered debt). Can i refile my taxes Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2013 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately). Can i refile my taxes Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2013 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). Can i refile my taxes The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. Can i refile my taxes   See Part II for more detailed definitions of grandfathered, home acquisition, and home equity debt. Can i refile my taxes    You can use Figure A to check whether your home mortgage interest is fully deductible. Can i refile my taxes This image is too large to be displayed in the current screen. Can i refile my taxes Please click the link to view the image. Can i refile my taxes Figure A. Can i refile my taxes Is My Home Mortgage Interest Fully Deductible? Secured Debt You can deduct your home mortgage interest only if your mortgage is a secured debt. Can i refile my taxes A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that: Makes your ownership in a qualified home security for payment of the debt, Provides, in case of default, that your home could satisfy the debt, and Is recorded or is otherwise perfected under any state or local law that applies. Can i refile my taxes In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. Can i refile my taxes If you cannot pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. Can i refile my taxes In this publication, mortgage will refer to secured debt. Can i refile my taxes Debt not secured by home. Can i refile my taxes   A debt is not secured by your home if it is secured solely because of a lien on your general assets or if it is a security interest that attaches to the property without your consent (such as a mechanic's lien or judgment lien). Can i refile my taxes   A debt is not secured by your home if it once was, but is no longer secured by your home. Can i refile my taxes Wraparound mortgage. Can i refile my taxes   This is not a secured debt unless it is recorded or otherwise perfected under state law. Can i refile my taxes Example. Can i refile my taxes Beth owns a home subject to a mortgage of $40,000. Can i refile my taxes She sells the home for $100,000 to John, who takes it subject to the $40,000 mortgage. Can i refile my taxes Beth continues to make the payments on the $40,000 note. Can i refile my taxes John pays $10,000 down and gives Beth a $90,000 note secured by a wraparound mortgage on the home. Can i refile my taxes Beth does not record or otherwise perfect the $90,000 mortgage under the state law that applies. Can i refile my taxes Therefore, the mortgage is not a secured debt and John cannot deduct any of the interest he pays on it as home mortgage interest. Can i refile my taxes Choice to treat the debt as not secured by your home. Can i refile my taxes   You can choose to treat any debt secured by your qualified home as not secured by the home. Can i refile my taxes This treatment begins with the tax year for which you make the choice and continues for all later tax years. Can i refile my taxes You can revoke your choice only with the consent of the Internal Revenue Service (IRS). Can i refile my taxes   You may want to treat a debt as not secured by your home if the interest on that debt is fully deductible (for example, as a business expense) whether or not it qualifies as home mortgage interest. Can i refile my taxes This may allow you, if the limits in Part II apply, more of a deduction for interest on other debts that are deductible only as home mortgage interest. Can i refile my taxes Cooperative apartment owner. Can i refile my taxes   If you own stock in a cooperative housing corporation, see the Special Rule for Tenant-Stockholders in Cooperative Housing Corporations , near the end of this Part I. Can i refile my taxes Qualified Home For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. Can i refile my taxes This means your main home or your second home. Can i refile my taxes A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities. Can i refile my taxes The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Can i refile my taxes Otherwise, it is considered personal interest and is not deductible. Can i refile my taxes Main home. Can i refile my taxes   You can have only one main home at any one time. Can i refile my taxes This is the home where you ordinarily live most of the time. Can i refile my taxes Second home. Can i refile my taxes   A second home is a home that you choose to treat as your second home. Can i refile my taxes Second home not rented out. Can i refile my taxes   If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. Can i refile my taxes You do not have to use the home during the year. Can i refile my taxes Second home rented out. Can i refile my taxes   If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. Can i refile my taxes You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. Can i refile my taxes If you do not use the home long enough, it is considered rental property and not a second home. Can i refile my taxes For information on residential rental property, see Publication 527. Can i refile my taxes More than one second home. Can i refile my taxes   If you have more than one second home, you can treat only one as the qualified second home during any year. Can i refile my taxes However, you can change the home you treat as a second home during the year in the following situations. Can i refile my taxes If you get a new home during the year, you can choose to treat the new home as your second home as of the day you buy it. Can i refile my taxes If your main home no longer qualifies as your main home, you can choose to treat it as your second home as of the day you stop using it as your main home. Can i refile my taxes If your second home is sold during the year or becomes your main home, you can choose a new second home as of the day you sell the old one or begin using it as your main home. Can i refile my taxes Divided use of your home. Can i refile my taxes   The only part of your home that is considered a qualified home is the part you use for residential living. Can i refile my taxes If you use part of your home for other than residential living, such as a home office, you must allocate the use of your home. Can i refile my taxes You must then divide both the cost and fair market value of your home between the part that is a qualified home and the part that is not. Can i refile my taxes Dividing the cost may affect the amount of your home acquisition debt, which is limited to the cost of your home plus the cost of any improvements. Can i refile my taxes (See Home Acquisition Debt in Part II. Can i refile my taxes ) Dividing the fair market value may affect your home equity debt limit, also explained in Part II . Can i refile my taxes Renting out part of home. Can i refile my taxes   If you rent out part of a qualified home to another person (tenant), you can treat the rented part as being used by you for residential living only if all of the following conditions apply. Can i refile my taxes The rented part of your home is used by the tenant primarily for residential living. Can i refile my taxes The rented part of your home is not a self-contained residential unit having separate sleeping, cooking, and toilet facilities. Can i refile my taxes You do not rent (directly or by sublease) the same or different parts of your home to more than two tenants at any time during the tax year. Can i refile my taxes If two persons (and dependents of either) share the same sleeping quarters, they are treated as one tenant. Can i refile my taxes Office in home. Can i refile my taxes   If you have an office in your home that you use in your business, see Publication 587, Business Use of Your Home. Can i refile my taxes It explains how to figure your deduction for the business use of your home, which includes the business part of your home mortgage interest. Can i refile my taxes Home under construction. Can i refile my taxes   You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy. Can i refile my taxes   The 24-month period can start any time on or after the day construction begins. Can i refile my taxes Home destroyed. Can i refile my taxes   You may be able to continue treating your home as a qualified home even after it is destroyed in a fire, storm, tornado, earthquake, or other casualty. Can i refile my taxes This means you can continue to deduct the interest you pay on your home mortgage, subject to the limits described in this publication. Can i refile my taxes   You can continue treating a destroyed home as a qualified home if, within a reasonable period of time after the home is destroyed, you: Rebuild the destroyed home and move into it, or Sell the land on which the home was located. Can i refile my taxes   This rule applies to your main home and to a second home that you treat as a qualified home. Can i refile my taxes Time-sharing arrangements. Can i refile my taxes   You can treat a home you own under a time-sharing plan as a qualified home if it meets all the requirements. Can i refile my taxes A time-sharing plan is an arrangement between two or more people that limits each person's interest in the home or right to use it to a certain part of the year. Can i refile my taxes Rental of time-share. Can i refile my taxes   If you rent out your time-share, it qualifies as a second home only if you also use it as a home during the year. Can i refile my taxes See Second home rented out , earlier, for the use requirement. Can i refile my taxes To know whether you meet that requirement, count your days of use and rental of the home only during the time you have a right to use it or to receive any benefits from the rental of it. Can i refile my taxes Married taxpayers. Can i refile my taxes   If you are married and file a joint return, your qualified home(s) can be owned either jointly or by only one spouse. Can i refile my taxes Separate returns. Can i refile my taxes   If you are married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. Can i refile my taxes However, if you both consent in writing, then one spouse can take both the main home and a second home into account. Can i refile my taxes Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. Can i refile my taxes It also describes certain special situations that may affect your deduction. Can i refile my taxes Late payment charge on mortgage payment. Can i refile my taxes   You can deduct as home mortgage interest a late payment charge if it was not for a specific service performed in connection with your mortgage loan. Can i refile my taxes Mortgage prepayment penalty. Can i refile my taxes   If you pay off your home mortgage early, you may have to pay a penalty. Can i refile my taxes You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan. Can i refile my taxes Sale of home. Can i refile my taxes   If you sell your home, you can deduct your home mortgage interest (subject to any limits that apply) paid up to, but not including, the date of the sale. Can i refile my taxes Example. Can i refile my taxes John and Peggy Harris sold their home on May 7. Can i refile my taxes Through April 30, they made home mortgage interest payments of $1,220. Can i refile my taxes The settlement sheet for the sale of the home showed $50 interest for the 6-day period in May up to, but not including, the date of sale. Can i refile my taxes Their mortgage interest deduction is $1,270 ($1,220 + $50). Can i refile my taxes Prepaid interest. Can i refile my taxes   If you pay interest in advance for a period that goes beyond the end of the tax year, you must spread this interest over the tax years to which it applies. Can i refile my taxes You can deduct in each year only the interest that qualifies as home mortgage interest for that year. Can i refile my taxes However, there is an exception that applies to points, discussed later. Can i refile my taxes Mortgage interest credit. Can i refile my taxes    You may be able to claim a mortgage interest credit if you were issued a mortgage credit certificate (MCC) by a state or local government. Can i refile my taxes Figure the credit on Form 8396, Mortgage Interest Credit. Can i refile my taxes If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. Can i refile my taxes   See Form 8396 and Publication 530 for more information on the mortgage interest credit. Can i refile my taxes Ministers' and military housing allowance. Can i refile my taxes   If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you can still deduct your home mortgage interest. Can i refile my taxes Hardest Hit Fund and Emergency Homeowners' Loan Programs. Can i refile my taxes   You can use a special method to compute your deduction for mortgage interest and real estate taxes on your main home if you meet the following two conditions. Can i refile my taxes You received assistance under: A State Housing Finance Agency (State HFA) Hardest Hit Fund program in which program payments could be used to pay mortgage interest, or An Emergency Homeowners' Loan Program administered by the Department of Housing and Urban Development (HUD) or a state. Can i refile my taxes You meet the rules to deduct all of the mortgage interest on your loan and all of the real estate taxes on your main home. Can i refile my taxes If you meet these tests, then you can deduct all of the payments you actually made during the year to your mortgage servicer, the State HFA, or HUD on the home mortgage (including the amount shown on box 3 of Form 1098–MA, Mortgage Assistance Payments), but not more than the sum of the amounts shown on Form 1098, Mortgage Interest Statement, in box 1 (mortgage interest received from payer(s) / borrower(s)), box 4 (mortgage insurance premiums), and box 5 (other information including real property taxes paid). Can i refile my taxes However, you are not required to use this special method to compute your deduction for mortgage interest and real estate taxes on your main home. Can i refile my taxes Mortgage assistance payments under section 235 of the National Housing Act. Can i refile my taxes   If you qualify for mortgage assistance payments for lower-income families under section 235 of the National Housing Act, part or all of the interest on your mortgage may be paid for you. Can i refile my taxes You cannot deduct the interest that is paid for you. Can i refile my taxes No other effect on taxes. Can i refile my taxes   Do not include these mortgage assistance payments in your income. Can i refile my taxes Also, do not use these payments to reduce other deductions, such as real estate taxes. Can i refile my taxes Divorced or separated individuals. Can i refile my taxes   If a divorce or separation agreement requires you or your spouse or former spouse to pay home mortgage interest on a home owned by both of you, the payment of interest may be alimony. Can i refile my taxes See the discussion of Payments for jointly-owned home under Alimony in Publication 504, Divorced or Separated Individuals. Can i refile my taxes Redeemable ground rents. Can i refile my taxes   In some states (such as Maryland), you can buy your home subject to a ground rent. Can i refile my taxes A ground rent is an obligation you assume to pay a fixed amount per year on the property. Can i refile my taxes Under this arrangement, you are leasing (rather than buying) the land on which your home is located. Can i refile my taxes   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. Can i refile my taxes   A ground rent is a redeemable ground rent if all of the following are true. Can i refile my taxes Your lease, including renewal periods, is for more than 15 years. Can i refile my taxes You can freely assign the lease. Can i refile my taxes You have a present or future right (under state or local law) to end the lease and buy the lessor's entire interest in the land by paying a specific amount. Can i refile my taxes The lessor's interest in the land is primarily a security interest to protect the rental payments to which he or she is entitled. Can i refile my taxes   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. Can i refile my taxes Nonredeemable ground rents. Can i refile my taxes   Payments on a nonredeemable ground rent are not mortgage interest. Can i refile my taxes You can deduct them as rent if they are a business expense or if they are for rental property. Can i refile my taxes Reverse mortgages. Can i refile my taxes   A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. Can i refile my taxes With a reverse mortgage, you retain title to your home. Can i refile my taxes Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. Can i refile my taxes Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. Can i refile my taxes Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full. Can i refile my taxes Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Part II. Can i refile my taxes Rental payments. Can i refile my taxes   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. Can i refile my taxes This is true even if the settlement papers call them interest. Can i refile my taxes You cannot deduct these payments as home mortgage interest. Can i refile my taxes Mortgage proceeds invested in tax-exempt securities. Can i refile my taxes   You cannot deduct the home mortgage interest on grandfathered debt or home equity debt if you used the proceeds of the mortgage to buy securities or certificates that produce tax-free income. Can i refile my taxes “Grandfathered debt” and “home equity debt” are defined in Part II of this publication. Can i refile my taxes Refunds of interest. Can i refile my taxes   If you receive a refund of interest in the same tax year you paid it, you must reduce your interest expense by the amount refunded to you. Can i refile my taxes If you receive a refund of interest you deducted in an earlier year, you generally must include the refund in income in the year you receive it. Can i refile my taxes However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. Can i refile my taxes This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. Can i refile my taxes If you need to include the refund in income, report it on Form 1040, line 21. Can i refile my taxes   If you received a refund of interest you overpaid in an earlier year, you generally will receive a Form 1098, Mortgage Interest Statement, showing the refund in box 3. Can i refile my taxes For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. Can i refile my taxes   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in Publication 525, Taxable and Nontaxable Income. Can i refile my taxes Cooperative apartment owner. Can i refile my taxes   If you own a cooperative apartment, you must reduce your home mortgage interest deduction by your share of any cash portion of a patronage dividend that the cooperative receives. Can i refile my taxes The patronage dividend is a partial refund to the cooperative housing corporation of mortgage interest it paid in a prior year. Can i refile my taxes   If you receive a Form 1098 from the cooperative housing corporation, the form should show only the amount you can deduct. Can i refile my taxes Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Can i refile my taxes Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. Can i refile my taxes This image is too large to be displayed in the current screen. Can i refile my taxes Please click the link to view the image. Can i refile my taxes Figure B. Can i refile my taxes Are My Points Fully Deductible This Year? A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. Can i refile my taxes See Points paid by the seller , later. Can i refile my taxes General Rule You generally cannot deduct the full amount of points in the year paid. Can i refile my taxes Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. Can i refile my taxes See Deduction Allowed Ratably , next. Can i refile my taxes For exceptions to the general rule, see Deduction Allowed in Year Paid , later. Can i refile my taxes Deduction Allowed Ratably If you do not meet the tests listed under Deduction Allowed in Year Paid , later, the loan is not a home improvement loan, or you choose not to deduct your points in full in the year paid, you can deduct the points ratably (equally) over the life of the loan if you meet all the following tests. Can i refile my taxes You use the cash method of accounting. Can i refile my taxes This means you report income in the year you receive it and deduct expenses in the year you pay them. Can i refile my taxes Most individuals use this method. Can i refile my taxes Your loan is secured by a home. Can i refile my taxes (The home does not need to be your main home. Can i refile my taxes ) Your loan period is not more than 30 years. Can i refile my taxes If your loan period is more than 10 years, the terms of your loan are the same as other loans offered in your area for the same or longer period. Can i refile my taxes Either your loan amount is $250,000 or less, or the number of points is not more than: 4, if your loan period is 15 years or less, or 6, if your loan period is more than 15 years. Can i refile my taxes Example. Can i refile my taxes You use the cash method of accounting. Can i refile my taxes In 2013, you took out a $100,000 loan payable over 20 years. Can i refile my taxes The terms of the loan are the same as for other 20-year loans offered in your area. Can i refile my taxes You paid $4,800 in points. Can i refile my taxes You made 3 monthly payments on the loan in 2013. Can i refile my taxes You can deduct $60 [($4,800 ÷ 240 months) x 3 payments] in 2013. Can i refile my taxes In 2014, if you make all twelve payments, you will be able to deduct $240 ($20 x 12). Can i refile my taxes Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. Can i refile my taxes (You can use Figure B as a quick guide to see whether your points are fully deductible in the year paid. Can i refile my taxes ) Your loan is secured by your main home. Can i refile my taxes (Your main home is the one you ordinarily live in most of the time. Can i refile my taxes ) Paying points is an established business practice in the area where the loan was made. Can i refile my taxes The points paid were not more than the points generally charged in that area. Can i refile my taxes You use the cash method of accounting. Can i refile my taxes This means you report income in the year you receive it and deduct expenses in the year you pay them. Can i refile my taxes Most individuals use this method. Can i refile my taxes The points were not paid in place of amounts that ordinarily are stated separately on the settlement statement, such as appraisal fees, inspection fees, title fees, attorney fees, and property taxes. Can i refile my taxes The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. Can i refile my taxes The funds you provided are not required to have been applied to the points. Can i refile my taxes They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. Can i refile my taxes You cannot have borrowed these funds from your lender or mortgage broker. Can i refile my taxes You use your loan to buy or build your main home. Can i refile my taxes The points were computed as a percentage of the principal amount of the mortgage. Can i refile my taxes The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. Can i refile my taxes The points may be shown as paid from either your funds or the seller's. Can i refile my taxes Note. Can i refile my taxes If you meet all of these tests, you can choose to either fully deduct the points in the year paid, or deduct them over the life of the loan. Can i refile my taxes Home improvement loan. Can i refile my taxes   You can also fully deduct in the year paid points paid on a loan to improve your main home, if tests (1) through (6) are met. Can i refile my taxes Second home. Can i refile my taxes You cannot fully deduct in the year paid points you pay on loans secured by your second home. Can i refile my taxes You can deduct these points only over the life of the loan. Can i refile my taxes Refinancing. Can i refile my taxes   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. Can i refile my taxes This is true even if the new mortgage is secured by your main home. Can i refile my taxes   However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first 6 tests listed under Deduction Allowed in Year Paid , you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. Can i refile my taxes You can deduct the rest of the points over the life of the loan. Can i refile my taxes Example 1. Can i refile my taxes In 1998, Bill Fields got a mortgage to buy a home. Can i refile my taxes In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. Can i refile my taxes The mortgage is secured by his home. Can i refile my taxes To get the new loan, he had to pay three points ($3,000). Can i refile my taxes Two points ($2,000) were for prepaid interest, and one point ($1,000) was charged for services, in place of amounts that ordinarily are stated separately on the settlement statement. Can i refile my taxes Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. Can i refile my taxes The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. Can i refile my taxes Bill's first payment on the new loan was due July 1. Can i refile my taxes He made six payments on the loan in 2013 and is a cash basis taxpayer. Can i refile my taxes Bill used the funds from the new mortgage to repay his existing mortgage. Can i refile my taxes Although the new mortgage loan was for Bill's continued ownership of his main home, it was not for the purchase or improvement of that home. Can i refile my taxes He cannot deduct all of the points in 2013. Can i refile my taxes He can deduct two points ($2,000) ratably over the life of the loan. Can i refile my taxes He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. Can i refile my taxes The other point ($1,000) was a fee for services and is not deductible. Can i refile my taxes Example 2. Can i refile my taxes The facts are the same as in Example 1, except that Bill used $25,000 of the loan proceeds to improve his home and $75,000 to repay his existing mortgage. Can i refile my taxes Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. Can i refile my taxes His deduction is $500 ($2,000 × 25%). Can i refile my taxes Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. Can i refile my taxes This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. Can i refile my taxes The total amount Bill deducts in 2013 is $550 ($500 + $50). Can i refile my taxes Special Situations This section describes certain special situations that may affect your deduction of points. Can i refile my taxes Original issue discount. Can i refile my taxes   If you do not qualify to either deduct the points in the year paid or deduct them ratably over the life of the loan, or if you choose not to use either of these methods, the points reduce the issue price of the loan. Can i refile my taxes This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. Can i refile my taxes Amounts charged for services. Can i refile my taxes    Amounts charged by the lender for specific services connected to the loan are not interest. Can i refile my taxes Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. Can i refile my taxes  You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. Can i refile my taxes Points paid by the seller. Can i refile my taxes   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. Can i refile my taxes Treatment by seller. Can i refile my taxes   The seller cannot deduct these fees as interest. Can i refile my taxes But they are a selling expense that reduces the amount realized by the seller. Can i refile my taxes See Publication 523 for information on selling your home. Can i refile my taxes Treatment by buyer. Can i refile my taxes   The buyer reduces the basis of the home by the amount of the seller-paid points and treats the points as if he or she had paid them. Can i refile my taxes If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. Can i refile my taxes If any of those tests are not met, the buyer deducts the points over the life of the loan. Can i refile my taxes   If you need information about the basis of your home, see Publication 523 or Publication 530. Can i refile my taxes Funds provided are less than points. Can i refile my taxes   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the funds you provided were less than the points charged to you (test (6)), you can deduct the points in the year paid, up to the amount of funds you provided. Can i refile my taxes In addition, you can deduct any points paid by the seller. Can i refile my taxes Example 1. Can i refile my taxes When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). Can i refile my taxes You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. Can i refile my taxes Of the $1,000 charged for points, you can deduct $750 in the year paid. Can i refile my taxes You spread the remaining $250 over the life of the mortgage. Can i refile my taxes Example 2. Can i refile my taxes The facts are the same as in Example 1, except that the person who sold you your home also paid one point ($1,000) to help you get your mortgage. Can i refile my taxes In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). Can i refile my taxes You spread the remaining $250 over the life of the mortgage. Can i refile my taxes You must reduce the basis of your home by the $1,000 paid by the seller. Can i refile my taxes Excess points. Can i refile my taxes   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the points paid were more than generally paid in your area (test (3)), you deduct in the year paid only the points that are generally charged. Can i refile my taxes You must spread any additional points over the life of the mortgage. Can i refile my taxes Mortgage ending early. Can i refile my taxes   If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. Can i refile my taxes However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. Can i refile my taxes Instead, deduct the remaining balance over the term of the new loan. Can i refile my taxes   A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. Can i refile my taxes Example. Can i refile my taxes Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. Can i refile my taxes He deducts $200 points per year. Can i refile my taxes Through 2012, Dan has deducted $2,200 of the points. Can i refile my taxes Dan prepaid his mortgage in full in 2013. Can i refile my taxes He can deduct the remaining $800 of points in 2013. Can i refile my taxes Limits on deduction. Can i refile my taxes   You cannot fully deduct points paid on a mortgage that exceeds the limits discussed in Part II . Can i refile my taxes See the Table 1 Instructions for line 10. Can i refile my taxes Form 1098. Can i refile my taxes    The mortgage interest statement you receive should show not only the total interest paid during the year, but also your deductible points paid during the year. Can i refile my taxes See Form 1098, Mortgage Interest Statement , later. Can i refile my taxes Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. Can i refile my taxes The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006. Can i refile my taxes Qualified mortgage insurance. Can i refile my taxes   Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006). Can i refile my taxes   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. Can i refile my taxes If provided by the Rural Housing Service, it is commonly known as a guarantee fee. Can i refile my taxes The funding fee and guarantee fee can either be included in the amount of the loan or paid in full at the time of closing. Can i refile my taxes These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. Can i refile my taxes Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. Can i refile my taxes Special rules for prepaid mortgage insurance. Can i refile my taxes   Generally, if you paid premiums for qualified mortgage insurance that are properly allocable to periods after the close of the tax year, such premiums are treated as paid in the period to which they are allocated. Can i refile my taxes You must allocate the premiums over the shorter of the stated term of the mortgage or 84 months, beginning with the month the insurance was obtained. Can i refile my taxes No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. Can i refile my taxes This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. Can i refile my taxes Example. Can i refile my taxes Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. Can i refile my taxes Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. Can i refile my taxes Since the $9,240 in private mortgage insurance is allocable to periods after 2012, Ryan must allocate the $9,240 over the shorter of the life of the mortgage or 84 months. Can i refile my taxes Ryan's adjusted gross income (AGI) for 2012 is $76,000. Can i refile my taxes Ryan can deduct $880 ($9,240 ÷ 84 x 8 months) for qualified mortgage insurance premiums in 2012. Can i refile my taxes For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 x 12 months) if his AGI is $100,000 or less. Can i refile my taxes In this example, the mortgage insurance premiums are allocated over 84 months, which is shorter than the life of the mortgage of 15 years (180 months). Can i refile my taxes Limit on deduction. Can i refile my taxes   If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated. Can i refile my taxes See Line 13 in the instructions for Schedule A (Form 1040) and complete the Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. Can i refile my taxes If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. Can i refile my taxes Form 1098. Can i refile my taxes   The mortgage interest statement you receive should show not only the total interest paid during the year, but also your mortgage insurance premiums paid during the year, which may qualify to be treated as deductible mortgage interest. Can i refile my taxes See Form 1098, Mortgage Interest Statement, next. Can i refile my taxes Form 1098, Mortgage Interest Statement If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement from the mortgage holder. Can i refile my taxes You will receive the statement if you pay interest to a person (including a financial institution or cooperative housing corporation) in the course of that person's trade or business. Can i refile my taxes A governmental unit is a person for purposes of furnishing the statement. Can i refile my taxes The statement for each year should be sent to you by January 31 of the following year. Can i refile my taxes A copy of this form will also be sent to the IRS. Can i refile my taxes The statement will show the total interest you paid during the year, any mortgage insurance premiums you paid, and if you purchased a main home during the year, it also will show the deductible points paid during the year, including seller-paid points. Can i refile my taxes However, it should not show any interest that was paid for you by a government agency. Can i refile my taxes As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. Can i refile my taxes However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. Can i refile my taxes See the earlier discussion of Points to determine whether you can deduct points not shown on Form 1098. Can i refile my taxes Prepaid interest on Form 1098. Can i refile my taxes   If you prepaid interest in 2013 that accrued in full by January 15, 2014, this prepaid interest may be included in box 1 of Form 1098. Can i refile my taxes However, you cannot deduct the prepaid amount for January 2014 in 2013. Can i refile my taxes (See Prepaid interest , earlier. Can i refile my taxes ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. Can i refile my taxes You will include the interest for January 2014 with other interest you pay for 2014. Can i refile my taxes Refunded interest. Can i refile my taxes   If you received a refund of mortgage interest you overpaid in an earlier year, you generally will receive a Form 1098 showing the refund in box 3. Can i refile my taxes See Refunds of interest , earlier. Can i refile my taxes Mortgage insurance premiums. Can i refile my taxes   The amount of mortgage insurance premiums you paid during 2013 may be shown in Box 4 of Form 1098. Can i refile my taxes See Mortgage Insurance Premiums , earlier. Can i refile my taxes How To Report Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. Can i refile my taxes If you paid more deductible interest to the financial institution than the amount shown on Form 1098, show the larger deductible amount on line 10. Can i refile my taxes Attach a statement explaining the difference and print “See attached” next to line 10. Can i refile my taxes Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. Can i refile my taxes If you paid home mortgage interest to the person from whom you bought your home, show that person's name, address, and taxpayer identification number (TIN) on the dotted lines next to line 11. Can i refile my taxes The seller must give you this number and you must give the seller your TIN. Can i refile my taxes A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. Can i refile my taxes Failure to meet any of these requirements may result in a $50 penalty for each failure. Can i refile my taxes The TIN can be either a social security number, an individual taxpayer identification number (issued by the Internal Revenue Service), or an employer identification number. Can i refile my taxes If you can take a deduction for points that were not reported to you on Form 1098, deduct those points on Schedule A (Form 1040), line 12. Can i refile my taxes Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. Can i refile my taxes More than one borrower. Can i refile my taxes   If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Can i refile my taxes Show how much of the interest each of you paid, and give the name and address of the person who received the form. Can i refile my taxes Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Can i refile my taxes Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. Can i refile my taxes   Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. Can i refile my taxes Let each of the other borrowers know what his or her share is. Can i refile my taxes Mortgage proceeds used for business or investment. Can i refile my taxes   If your home mortgage interest deduction is limited under the rules explained in Part II , but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 2 near the end of this publication. Can i refile my taxes It shows where to deduct the part of your excess interest that is for those activities. Can i refile my taxes The Table 1 Instructions for line 13 in Part II explain how to divide the excess interest among the activities for which the mortgage proceeds were used. Can i refile my taxes Special Rule for Tenant-Stockholders in Cooperative Housing Corporations A qualified home includes stock in a cooperative housing corporation owned by a tenant-stockholder. Can i refile my taxes This applies only if the tenant-stockholder is entitled to live in the house or apartment because of owning stock in the cooperative. Can i refile my taxes Cooperative housing corporation. Can i refile my taxes   This is a corporation that meets all of the following conditions. Can i refile my taxes Has only one class of stock outstanding, Has no stockholders other than those who own the stock that can live in a house, apartment, or house trailer owned or leased by the corporation, Has no stockholders who can receive any distribution out of capital other than on a liquidation of the corporation, and Meets at least one of the following requirements. Can i refile my taxes Receives at least 80% of its gross income for the year in which the mortgage interest is paid or incurred from tenant-stockholders. Can i refile my taxes For this purpose, gross income is all income received during the entire year, including amounts received before the corporation changed to cooperative ownership. Can i refile my taxes At all times during the year, at least 80% of the total square footage of the corporation's property is used or available for use by the tenant-stockholders for residential or residential-related use. Can i refile my taxes At least 90% of the corporation's expenditures paid or incurred during the year are for the acquisition, construction, management, maintenance, or care of corporate property for the benefit of the tenant-stockholders. Can i refile my taxes Stock used to secure debt. Can i refile my taxes   In some cases, you cannot use your cooperative housing stock to secure a debt because of either: Restrictions under local or state law, or Restrictions in the cooperative agreement (other than restrictions in which the main purpose is to permit the tenant- stockholder to treat unsecured debt as secured debt). Can i refile my taxes However, you can treat a debt as secured by the stock to the extent that the proceeds are used to buy the stock under the allocation of interest rules. Can i refile my taxes See chapter 4 of Publication 535 for details on these rules. Can i refile my taxes Figuring deductible home mortgage interest. Can i refile my taxes   Generally, if you are a tenant-stockholder, you can deduct payments you make for your share of the interest paid or incurred by the cooperative. Can i refile my taxes The interest must be on a debt to buy, build, change, improve, or maintain the cooperative's housing, or on a debt to buy the land. Can i refile my taxes   Figure your share of this interest by multiplying the total by the following fraction. Can i refile my taxes      Your shares of stock in the cooperative   The total shares of stock in the cooperative Limits on deduction. Can i refile my taxes   To figure how the limits discussed in Part II apply to you, treat your share of the cooperative's debt as debt incurred by you. Can i refile my taxes The cooperative should determine your share of its grandfathered debt, its home acquisition debt, and its home equity debt. Can i refile my taxes (Your share of each of these types of debt is equal to the average balance of each debt multiplied by the fraction just given. Can i refile my taxes ) After your share of the average balance of each type of debt is determined, you include it with the average balance of that type of debt secured by your stock. Can i refile my taxes Form 1098. Can i refile my taxes    The cooperative should give you a Form 1098 showing your share of the interest. Can i refile my taxes Use the rules in this publication to determine your deductible mortgage interest. Can i refile my taxes Part II. Can i refile my taxes Limits on Home Mortgage Interest Deduction This part of the publication discusses the limits on deductible home mortgage interest. Can i refile my taxes These limits apply to your home mortgage interest expense if you have a home mortgage that does not fit into any of the three categories listed at the beginning of Part I under Fully deductible interest . Can i refile my taxes Your home mortgage interest deduction is limited to the interest on the part of your home mortgage debt that is not more than your qualified loan limit. Can i refile my taxes This is the part of your home mortgage debt that is grandfathered debt or that is not more than the limits for home acquisition debt and home equity debt. Can i refile my taxes Table 1 can help you figure your qualified loan limit and your deductible home mortgage interest. Can i refile my taxes Home Acquisition Debt Home acquisition debt is a mortgage you took out after October 13, 1987, to buy, build, or substantially improve a qualified home (your main or second home). Can i refile my taxes It also must be secured by that home. Can i refile my taxes If the amount of your mortgage is more than the cost of the home plus the cost of any substantial improvements, only the debt that is not more than the cost of the home plus improvements qualifies as home acquisition debt. Can i refile my taxes The additional debt may qualify as home equity debt (discussed later). Can i refile my taxes Home acquisition debt limit. Can i refile my taxes   The total amount you can treat as home acquisition debt at any time on your main home and second home cannot be more than $1 million ($500,000 if married filing separately). Can i refile my taxes This limit is reduced (but not below zero) by the amount of your grandfathered debt (discussed later). Can i refile my taxes Debt over this limit may qualify as home equity debt (also discussed later). Can i refile my taxes Refinanced home acquisition debt. Can i refile my taxes   Any secured debt you use to refinance home acquisition debt is treated as home acquisition debt. Can i refile my taxes However, the new debt will qualify as home acquisition debt only up to the amount of the balance of the old mortgage principal just before the refinancing. Can i refile my taxes Any additional debt not used to buy, build, or substantially improve a qualified home is not home acquisition debt, but may qualify as home equity debt (discussed later). Can i refile my taxes Mortgage that qualifies later. Can i refile my taxes   A mortgage that does not qualify as home acquisition debt because it does not meet all the requirements may qualify at a later time. Can i refile my taxes For example, a debt that you use to buy your home may not qualify as home acquisition debt because it is not secured by the home. Can i refile my taxes However, if the debt is later secured by the home, it may qualify as home acquisition debt after that time. Can i refile my taxes Similarly, a debt that you use to buy property may not qualify because the property is not a qualified home. Can i refile my taxes However, if the property later becomes a qualified home, the debt may qualify after that time. Can i refile my taxes Mortgage treated as used to buy, build, or improve home. Can i refile my taxes   A mortgage secured by a qualified home may be treated as home acquisition debt, even if you do not actually use the proceeds to buy, build, or substantially improve the home. Can i refile my taxes This applies in the following situations. Can i refile my taxes You buy your home within 90 days before or after the date you take out the mortgage. Can i refile my taxes The home acquisition debt is limited to the home's cost, plus the cost of any substantial improvements within the limit described below in (2) or (3). Can i refile my taxes (See Example 1 later. Can i refile my taxes ) You build or improve your home and take out the mortgage before the work is completed. Can i refile my taxes The home acquisition debt is limited to the amount of the expenses incurred within 24 months before the date of the mortgage. Can i refile my taxes You build or improve your home and take out the mortgage within 90 days after the work is completed. Can i refile my taxes The home acquisition debt is limited to the amount of the expenses incurred within the period beginning 24 months before the work is completed and ending on the date of the mortgage. Can i refile my taxes (See Example 2 later. Can i refile my taxes ) Example 1. Can i refile my taxes You bought your main home on June 3 for $175,000. Can i refile my taxes You paid for the home with cash you got from the sale of your old home. Can i refile my taxes On July 15, you took out a mortgage of $150,000 secured by your main home. Can i refile my taxes You used the $150,000 to invest in stocks. Can i refile my taxes You can treat the mortgage as taken out to buy your home because you bought the home within 90 days before you took out the mortgage. Can i refile my taxes The entire mortgage qualifies as home acquisition debt because it was not more than the home's cost. Can i refile my taxes Example 2. Can i refile my taxes On January 31, John began building a home on the lot that he owned. Can i refile my taxes He used $45,000 of his personal funds to build the home. Can i refile my taxes The home was completed on October 31. Can i refile my taxes On November 21, John took out a $36,000 mortgage that was secured by the home. Can i refile my taxes The mortgage can be treated as used to build the home because it was taken out within 90 days after the home was completed. Can i refile my taxes The entire mortgage qualifies as home acquisition debt because it was not more than the expenses incurred within the period beginning 24 months before the home was completed. Can i refile my taxes This is illustrated by Figure C. Can i refile my taxes   Please click here for the text description of the image. Can i refile my taxes Figure C. Can i refile my taxes John's example Date of the mortgage. Can i refile my taxes   The date you take out your mortgage is the day the loan proceeds are disbursed. Can i refile my taxes This is generally the closing date. Can i refile my taxes You can treat the day you apply in writing for your mortgage as the date you take it out. Can i refile my taxes However, this applies only if you receive the loan proceeds within a reasonable time (such as within 30 days) after your application is approved. Can i refile my taxes If a timely application you make is rejected, a reasonable additional time will be allowed to make a new application. Can i refile my taxes Cost of home or improvements. Can i refile my taxes   To determine your cost, include amounts paid to acquire any interest in a qualified home or to substantially improve the home. Can i refile my taxes   The cost of building or substantially improving a qualified home includes the costs to acquire real property and building materials, fees for architects and design plans, and required building permits. Can i refile my taxes Substantial improvement. Can i refile my taxes   An improvement is substantial if it: Adds to the value of your home, Prolongs your home's useful life, or Adapts your home to new uses. Can i refile my taxes    Repairs that maintain your home in good condition, such as repainting your home, are not substantial improvements. Can i refile my taxes However, if you paint your home as part of a renovation that substantially improves your qualified home, you can include the painting costs in the cost of the improvements. Can i refile my taxes Acquiring an interest in a home because of a divorce. Can i refile my taxes   If you incur debt to acquire the interest of a spouse or former spouse in a home, because of a divorce or legal separation, you can treat that debt as home acquisition debt. Can i refile my taxes Part of home not a qualified home. Can i refile my taxes    To figure your home acquisition debt, you must divide the cost of your home and improvements between the part of your home that is a qualified home and any part that is not a qualified home. Can i refile my taxes See Divided use of your home under Qualified Home in Part I. Can i refile my taxes Home Equity Debt If you took out a loan for reasons other than to buy, build, or substantially improve your home, it may qualify as home equity debt. Can i refile my taxes In addition, debt you incurred to buy, build, or substantially improve your home, to the extent it is more than the home acquisition debt limit (discussed earlier), may qualify as home equity debt. Can i refile my taxes Home equity debt is a mortgage you took out after October 13, 1987, that: Does not qualify as home acquisition debt or as grandfathered debt, and Is secured by your qualified home. Can i refile my taxes Example. Can i refile my taxes You bought your home for cash 10 years ago. Can i refile my taxes You did not have a mortgage on your home until last year, when you took out a $50,000 loan, secured by your home, to pay for your daughter's college tuition and your father's medical bills. Can i refile my taxes This loan is home equity debt. Can i refile my taxes Home equity debt limit. Can i refile my taxes   There is a limit on the amount of debt that can be treated as home equity debt. Can i refile my taxes The total home equity debt on your main home and second home is limited to the smaller of: $100,000 ($50,000 if married filing separately), or The total of each home's fair market value (FMV) reduced (but not below zero) by the amount of its home acquisition debt and grandfathered debt. Can i refile my taxes Determine the FMV and the outstanding home acquisition and grandfathered debt for each home on the date that the last debt was secured by the home. Can i refile my taxes Example. Can i refile my taxes You own one home that you bought in 2000. Can i refile my taxes Its FMV now is $110,000, and the current balance on your original mortgage (home acquisition debt) is $95,000. Can i refile my taxes Bank M offers you a home mortgage loan of 125% of the FMV of the home less any outstanding mortgages or other liens. Can i refile my taxes To consolidate some of your other debts, you take out a $42,500 home mortgage loan [(125% × $110,000) − $95,000] with Bank M. Can i refile my taxes Your home equity debt is limited to $15,000. Can i refile my taxes This is the smaller of: $100,000, the maximum limit, or $15,000, the amount that the FMV of $110,000 exceeds the amount of home acquisition debt of $95,000. Can i refile my taxes Debt higher than limit. Can i refile my taxes   Interest on amounts over the home equity debt limit (such as the interest on $27,500 [$42,500 − $15,000] in the preceding example) generally is treated as personal interest and is not deductible. Can i refile my taxes But if the proceeds of the loan were used for investment, business, or other deductible purposes, the interest may be deductible. Can i refile my taxes If it is, see the Table 1 Instructions for line 13 for an explanation of how to allocate the excess interest. Can i refile my taxes Part of home not a qualified home. Can i refile my taxes   To figure the limit on your home equity debt, you must divide the FMV of your home between the part that is a qualified home and any part that is not a qualified home. Can i refile my taxes See Divided use of your home under Qualified Home in Part I. Can i refile my taxes Fair market value (FMV). Can i refile my taxes    This is the price at which the home would change hands between you and a buyer, neither having to sell or buy, and both having reasonable knowledge of all relevant facts. Can i refile my taxes Sales of similar homes in your area, on about the same date your last debt was secured by the home, may be helpful in figuring the FMV. Can i refile my taxes Grandfathered Debt If you took out a mortgage on your home before October 14, 1987, or you refinanced such a mortgage, it may qualify as grandfathered debt. Can i refile my taxes To qualify, it must have been secured by your qualified home on October 13, 1987, and at all times after that date. Can i refile my taxes How you used the proceeds does not matter. Can i refile my taxes Grandfathered debt is not limited. Can i refile my taxes All of the interest you paid on grandfathered debt is fully deductible home mortgage interest. Can i refile my taxes However, the amount of your grandfathered debt reduces the $1 million limit for home acquisition debt and the limit based on your home's fair market value for home equity debt. Can i refile my taxes Refinanced grandfathered debt. Can i refile my taxes   If you refinanced grandfathered debt after October 13, 1987, for an amount that was not more than the mortgage principal left on the debt, then you still treat it as grandfathered debt. Can i refile my taxes To the extent the new debt is more than that mortgage principal, it is treated as home acquisition or home equity debt, and the mortgage is a mixed-use mortgage (discussed later under Average Mortgage Balance in the Table 1 instructions). Can i refile my taxes The debt must be secured by the qualified home. Can i refile my taxes   You treat grandfathered debt that was refinanced after October 13, 1987, as grandfathered debt only for the term left on the debt that was refinanced. Can i refile my taxes After that, you treat it as home acquisition debt or home equity debt, depending on how you used the proceeds. Can i refile my taxes Exception. Can i refile my taxes   If the debt before refinancing was like a balloon note (the principal on the debt was not amortized over the term of the debt), then you treat the refinanced debt as grandfathered debt for the term of the first refinancing. Can i refile my taxes This term cannot be more than 30 years. Can i refile my taxes Example. Can i refile my taxes Chester took out a $200,000 first mortgage on his home in 1986. Can i refile my taxes The mortgage was a five-year balloon note and the entire balance on the note was due in 1991. Can i refile my taxes Chester refinanced the debt in 1991 with a new 20-year mortgage. Can i refile my taxes The refinanced debt is treated as grandfathered debt for its entire term (20 years). Can i refile my taxes Line-of-credit mortgage. Can i refile my taxes    If you had a line-of-credit mortgage on October 13, 1987, and borrowed additional amounts against it after that date, then the additional amounts are either home acquisition debt or home equity debt depending on how you used the proceeds. Can i refile my taxes The balance on the mortgage before you borrowed the additional amounts is grandfathered debt. Can i refile my taxes The newly borrowed amounts are not grandfathered debt because the funds were borrowed after October 13, 1987. Can i refile my taxes See Average Mortgage Balance in the Table 1 Instructions that follow. Can i refile my taxes Table 1 Instructions Unless you are subject to the overall limit on itemized deductions, you can deduct all of the interest you paid during the year on mortgages secured by your main home or second home in either of the following two situations. Can i refile my taxes All the mortgages are grandfathered debt. Can i refile my taxes The total of the mortgage balances for the entire year is within the limits discussed earlier under Home Acquisition Debt and Home Equity Debt . Can i refile my taxes In either of those cases, you do not need Table 1. Can i refile my taxes Otherwise, you can use Table 1 to determine your qualified loan limit and deductible home mortgage interest. Can i refile my taxes Fill out only one Table 1 for both your main and second home regardless of how many mortgages you have. Can i refile my taxes Table 1. Can i refile my taxes Worksheet To Figure Your Qualified Loan Limit and Deductible Home Mortgage Interest For the Current Year See the Table 1 Instructions. Can i refile my taxes Part I Qualified Loan Limit 1. Can i refile my taxes Enter the average balance of all your grandfathered debt. Can i refile my taxes See line 1 instructions 1. Can i refile my taxes   2. Can i refile my taxes Enter the average balance of all your home acquisition debt. Can i refile my taxes See line 2 instructions 2. Can i refile my taxes   3. Can i refile my taxes Enter $1,000,000 ($500,000 if married filing separately) 3. Can i refile my taxes   4. Can i refile my taxes Enter the larger of the amount on line 1 or the amount on line 3 4. Can i refile my taxes   5. Can i refile my taxes Add the amounts on lines 1 and 2. Can i refile my taxes Enter the total here 5. Can i refile my taxes   6. Can i refile my taxes Enter the smaller of the amount on line 4 or the amount on line 5 6. Can i refile my taxes   7. Can i refile my taxes If you have home equity debt, enter the smaller of $100,000 ($50,000 if married filing separately) or your limited amount. Can i refile my taxes See the line 7 instructions for the limit which may apply to you. Can i refile my taxes 7. Can i refile my taxes   8. Can i refile my taxes Add the amounts on lines 6 and 7. Can i refile my taxes Enter the total. Can i refile my taxes This is your qualified loan limit. Can i refile my taxes 8. Can i refile my taxes   Part II Deductible Home Mortgage Interest 9. Can i refile my taxes Enter the total of the average balances of all mortgages on all qualified homes. Can i refile my taxes  See line 9 instructions 9. Can i refile my taxes     If line 8 is less than line 9, go on to line 10. Can i refile my taxes If line 8 is equal to or more than line 9, stop here. Can i refile my taxes All of your interest on all the mortgages included on line 9 is deductible as home mortgage interest on Schedule A (Form 1040). Can i refile my taxes     10. Can i refile my taxes Enter the total amount of interest that you paid. Can i refile my taxes See line 10 instructions 10. Can i refile my taxes   11. Can i refile my taxes Divide the amount on line 8 by the amount on line 9. Can i refile my taxes Enter the result as a decimal amount (rounded to three places) 11. Can i refile my taxes × . Can i refile my taxes 12. Can i refile my taxes Multiply the amount on line 10 by the decimal amount on line 11. Can i refile my taxes Enter the result. Can i refile my taxes This is your deductible home mortgage interest. Can i refile my taxes Enter this amount on Schedule A (Form 1040) 12. Can i refile my taxes   13. Can i refile my taxes Subtract the amount on line 12 from the amount on line 10. Can i refile my taxes Enter the result. Can i refile my taxes This is not home mortgage interest. Can i refile my taxes See line 13 instructions 13. Can i refile my taxes   Home equity debt only. Can i refile my taxes   If all of your mortgages are home equity debt, do not fill in lines 1 through 5. Can i refile my taxes Enter zero on line 6 and complete the rest of Table 1. Can i refile my taxes Average Mortgage Balance You have to figure the average balance of each mortgage to determine your qualified loan limit. Can i refile my taxes You need these amounts to complete lines 1, 2, and 9 of Table 1. Can i refile my taxes You can use the highest mortgage balances during the year, but you may benefit most by using the average balances. Can i refile my taxes The following are methods you can use to figure your average mortgage balances. Can i refile my taxes However, if a mortgage has more than one category of debt, see Mixed-use mortgages , later, in this section. Can i refile my taxes Average of first and last balance method. Can i refile my taxes   You can use this method if all the following apply. Can i refile my taxes You did not borrow any new amounts on the mortgage during the year. Can i refile my taxes (This does not include borrowing the original mortgage amount. Can i refile my taxes ) You did not prepay more than one month's principal during the year. Can i refile my taxes (This includes prepayment by refinancing your home or by applying proceeds from its sale. Can i refile my taxes ) You had to make level payments at fixed equal intervals on at least a semi-annual basis. Can i refile my taxes You treat your payments as level even if they were adjusted from time to time because of changes in the interest rate. Can i refile my taxes    To figure your average balance, complete the following worksheet. Can i refile my taxes    1. Can i refile my taxes Enter the balance as of the first day of the year that the mortgage was secured by your qualified home during the year (generally January 1)   2. Can i refile my taxes Enter the balance as of the last day of the year that the mortgage was secured by your qualified home during the year (generally December 31)   3. Can i refile my taxes Add amounts on lines 1 and 2   4. Can i refile my taxes Divide the amount on line 3 by 2. Can i refile my taxes Enter the result   Interest paid divided by interest rate method. Can i refile my taxes   You can use this method if at all times in 2013 the mortgage was secured by your qualified home and the interest was paid at least monthly. Can i refile my taxes    Complete the following worksheet to figure your average balance. Can i refile my taxes    1. Can i refile my taxes Enter the interest paid in 2013. Can i refile my taxes Do not include points, mortgage insurance premiums, or any interest paid in 2013 that is for a year after 2013. Can i refile my taxes However, do include interest that is for 2013 but was paid in an earlier year   2. Can i refile my taxes Enter the annual interest rate on the mortgage. Can i refile my taxes If the interest rate varied in 2013, use the lowest rate for the year   3. Can i refile my taxes Divide the amount on line 1 by the amount on line 2. Can i refile my taxes Enter the result   Example. Can i refile my taxes Mr. Can i refile my taxes Blue had a line of credit secured by his main home all year. Can i refile my taxes He paid interest of $2,500 on this loan. Can i refile my taxes The interest rate on the loan was 9% (. Can i refile my taxes 09) all year. Can i refile my taxes His average balance using this method is $27,778, figured as follows. Can i refile my taxes 1. Can i refile my taxes Enter the interest paid in 2013. Can i refile my taxes Do not include points, mortgage insurance premiums, or any interest paid in 2013 that is for a year after 2013. Can i refile my taxes However, do include interest that is for 2013 but was paid in an earlier year $2,500 2. Can i refile my taxes Enter the annual interest rate on the mortgage. Can i refile my taxes If the interest rate varied in 2013, use the lowest rate for the year . Can i refile my taxes 09 3. Can i refile my taxes Divide the amount on line 1 by the amount on line 2. Can i refile my taxes Enter the result $27,778 Statements provided by your lender. Can i refile my taxes   If you receive monthly statements showing the closing balance or the average balance for the month, you can use either to figure your average balance for the year. Can i refile my taxes You can treat the balance as zero for any month the mortgage was not secured by your qualified home. Can i refile my taxes   For each mortgage, figure your average balance by adding your monthly closing or average balances and dividing that total by the number of months the home secured by that mortgage was a qualified home during the year. Can i refile my taxes   If your lender can give you your average balance for the year, you can use that amount. Can i refile my taxes Example. Can i refile my taxes Ms. Can i refile my taxes Brown had a home equity loan secured by her main home all year. Can i refile my taxes She received monthly statements showing her average balance for each month. Can i refile my taxes She can figure her average balance for the year by adding her monthly average balances and dividing the total by 12. Can i refile my taxes Mixed-use mortgages. Can i refile my taxes   A mixed-use mortgage is a loan that consists of more than one of the three categories of debt (grandfathered debt, home acquisition debt, and home equity debt). Can i refile my taxes For example, a mortgage you took out during the year is a mixed-use mortgage if you used its proceeds partly to refinance a mortgage that you took out in an earlier year to buy your home (home acquisition debt) and partly to buy a car (home equity debt). Can i refile my taxes   Complete lines 1 and 2 of Table 1 by including the separate average balances of any grandfathered debt and home acquisition debt in your mixed-use mortgage. Can i refile my taxes Do not use the methods described earlier in this section to figure the average balance of either category. Can i refile my taxes Instead, for each category, use the following method. Can i refile my taxes Figure the balance of that category of debt for each month. Can i refile my taxes This is the amount of the loan proceeds allocated to that category, reduced by your principal payments on the mortgage previously applied to that category. Can i refile my taxes Principal payments on a mixed-use mortgage are applied in full to each category of debt, until its balance is zero, in the following order: First, any home equity debt, Next, any grandfathered debt, and Finally, any home acquisition debt. Can i refile my taxes Add together the monthly balances figured in (1). Can i refile my taxes Divide the result in (2) by 12. Can i refile my taxes   Complete line 9 of Table 1 by including the average balance of the entire mixed-use mortgage, figured under one of the methods described earlier in this section. Can i refile my taxes Example 1. Can i refile my taxes In 1986, Sharon took out a $1,400,000 mortgage to buy her main home (grandfathered debt). Can i refile my taxes On March 2, 2013, when the home had a fair market value of $1,700,000 and she owed $1,100,000 on the mortgage, Sharon took out a second mortgage for $200,000. Can i refile my taxes She used $180,000 of the proceeds to make substantial improvements to her home (home acquisition debt) and the remaining $20,000 to buy a car (home equity debt). Can i refile my taxes Under the loan agreement, Sharon must make principal payments of $1,000 at the end of each month. Can i refile my taxes During 2013, her principal payments on the second mortgage totaled $10,000. Can i refile my taxes To complete Table 1, line 2, Sharon must figure a separate average balance for the part of her second mortgage that is home acquisition debt. Can i refile my taxes The January and February balances were zero. Can i refile my taxes The March through December balances were all $180,000, because none of her principal payments are applied to the home acquisition debt. Can i refile my taxes (They are all applied to the home equity debt, reducing it to $10,000 [$20,000 − $10,000]. Can i refile my taxes ) The monthly balances of the home acquisition debt total $1,800,000 ($180,000 × 10). Can i refile my taxes Therefore, the average balance of the home acquisition debt for 2013 was $150,000 ($1,800,000 ÷ 12). Can i refile my taxes Example 2. Can i refile my taxes The facts are the same as in Example 1. Can i refile my taxes In 2014, Sharon's January through October principal payments on her second mortgage are applied to the home equity debt, reducing it to zero. Can i refile my taxes The balance of the home acquisition debt remains $180,000 for each of those months. Can i refile my taxes Because her November and December principal payments are applied to the home acquisition debt, the November balance is $179,000 ($180,000 − $1,000) and the December balance is $178,000 ($180,000 − $2,000). Can i refile my taxes The monthly balances total $2,157,000 [($180,000 × 10) + $179,000 + $178,000]. Can i refile my taxes Therefore, the average balance of the home acquisition debt for 2014 is $179,750 ($2,157,000 ÷ 12). Can i refile my taxes L
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Can i refile my taxes 4. Can i refile my taxes   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Can i refile my taxes Adjusted gross income. Can i refile my taxes Distributions received by spouse. Can i refile my taxes Testing period. Can i refile my taxes What's New Modified AGI limit for retirement savings contributions credit increased. Can i refile my taxes  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Can i refile my taxes Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Can i refile my taxes You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Can i refile my taxes This credit could reduce the federal income tax you pay dollar for dollar. Can i refile my taxes    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Can i refile my taxes You were born before January 2, 1996. Can i refile my taxes You are not a full-time student (explained next). Can i refile my taxes No one else, such as your parent(s), claims an exemption for you on their tax return. Can i refile my taxes Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Can i refile my taxes Full-time student. Can i refile my taxes   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Can i refile my taxes You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Can i refile my taxes Adjusted gross income. Can i refile my taxes   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Can i refile my taxes However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Can i refile my taxes Eligible contributions. Can i refile my taxes   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Can i refile my taxes They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Can i refile my taxes For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Can i refile my taxes Reducing eligible contributions. Can i refile my taxes   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Can i refile my taxes Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Can i refile my taxes   Do not reduce your eligible contributions by any of the following. Can i refile my taxes The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Can i refile my taxes Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Can i refile my taxes Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Can i refile my taxes Loans from a qualified employer plan treated as a distribution. Can i refile my taxes Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Can i refile my taxes Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Can i refile my taxes Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Can i refile my taxes Distributions from a military retirement plan. Can i refile my taxes Distributions from an inherited IRA by a nonspousal beneficiary. Can i refile my taxes Distributions received by spouse. Can i refile my taxes   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Can i refile my taxes Testing period. Can i refile my taxes   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Can i refile my taxes Example. Can i refile my taxes You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Can i refile my taxes You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Can i refile my taxes Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Can i refile my taxes You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Can i refile my taxes You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Can i refile my taxes Maximum eligible contributions. Can i refile my taxes   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Can i refile my taxes Effect on other credits. Can i refile my taxes   The amount of this credit will not change the amount of your refundable tax credits. Can i refile my taxes A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Can i refile my taxes Maximum credit. Can i refile my taxes   This is a nonrefundable credit. Can i refile my taxes The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Can i refile my taxes If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Can i refile my taxes How to figure and report the credit. Can i refile my taxes   The amount of the credit you can get is based on the contributions you make and your credit rate. Can i refile my taxes Your credit rate can be as low as 10% or as high as 50%. Can i refile my taxes Your credit rate depends on your income and your filing status. Can i refile my taxes See Form 8880 to determine your credit rate. Can i refile my taxes   The maximum contribution taken into account is $2,000 per person. Can i refile my taxes On a joint return, up to $2,000 is taken into account for each spouse. Can i refile my taxes   Figure the credit on Form 8880. Can i refile my taxes Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Can i refile my taxes Prev  Up  Next   Home   More Online Publications