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How To File An Amended Tax Return

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How To File An Amended Tax Return

How to file an amended tax return Publication 936 - Main Content Table of Contents Part I. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Home Mortgage Interest This part explains what you can deduct as home mortgage interest. How to file an amended tax return It includes discussions on points, mortgage insurance premiums, and how to report deductible interest on your tax return. How to file an amended tax return Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). How to file an amended tax return The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. How to file an amended tax return You can deduct home mortgage interest if all the following conditions are met. How to file an amended tax return You file Form 1040 and itemize deductions on Schedule A (Form 1040). How to file an amended tax return The mortgage is a secured debt on a qualified home in which you have an ownership interest. How to file an amended tax return Secured Debt and Qualified Home are explained later. How to file an amended tax return  Both you and the lender must intend that the loan be repaid. How to file an amended tax return Fully deductible interest. How to file an amended tax return   In most cases, you can deduct all of your home mortgage interest. How to file an amended tax return How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. How to file an amended tax return   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. How to file an amended tax return (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. How to file an amended tax return ) 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. How to file an amended tax return   The three categories are as follows. How to file an amended tax return Mortgages you took out on or before October 13, 1987 (called grandfathered debt). How to file an amended tax return 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). How to file an amended tax return 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). How to file an amended tax return The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. How to file an amended tax return   See Part II for more detailed definitions of grandfathered, home acquisition, and home equity debt. How to file an amended tax return    You can use Figure A to check whether your home mortgage interest is fully deductible. How to file an amended tax return This image is too large to be displayed in the current screen. How to file an amended tax return Please click the link to view the image. How to file an amended tax return Figure A. How to file an amended tax return Is My Home Mortgage Interest Fully Deductible? Secured Debt You can deduct your home mortgage interest only if your mortgage is a secured debt. How to file an amended tax return 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. How to file an amended tax return In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. How to file an amended tax return If you cannot pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. How to file an amended tax return In this publication, mortgage will refer to secured debt. How to file an amended tax return Debt not secured by home. How to file an amended tax return   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). How to file an amended tax return   A debt is not secured by your home if it once was, but is no longer secured by your home. How to file an amended tax return Wraparound mortgage. How to file an amended tax return   This is not a secured debt unless it is recorded or otherwise perfected under state law. How to file an amended tax return Example. How to file an amended tax return Beth owns a home subject to a mortgage of $40,000. How to file an amended tax return She sells the home for $100,000 to John, who takes it subject to the $40,000 mortgage. How to file an amended tax return Beth continues to make the payments on the $40,000 note. How to file an amended tax return John pays $10,000 down and gives Beth a $90,000 note secured by a wraparound mortgage on the home. How to file an amended tax return Beth does not record or otherwise perfect the $90,000 mortgage under the state law that applies. How to file an amended tax return Therefore, the mortgage is not a secured debt and John cannot deduct any of the interest he pays on it as home mortgage interest. How to file an amended tax return Choice to treat the debt as not secured by your home. How to file an amended tax return   You can choose to treat any debt secured by your qualified home as not secured by the home. How to file an amended tax return This treatment begins with the tax year for which you make the choice and continues for all later tax years. How to file an amended tax return You can revoke your choice only with the consent of the Internal Revenue Service (IRS). How to file an amended tax return   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. How to file an amended tax return 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. How to file an amended tax return Cooperative apartment owner. How to file an amended tax return   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. How to file an amended tax return Qualified Home For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. How to file an amended tax return This means your main home or your second home. How to file an amended tax return A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities. How to file an amended tax return 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. How to file an amended tax return Otherwise, it is considered personal interest and is not deductible. How to file an amended tax return Main home. How to file an amended tax return   You can have only one main home at any one time. How to file an amended tax return This is the home where you ordinarily live most of the time. How to file an amended tax return Second home. How to file an amended tax return   A second home is a home that you choose to treat as your second home. How to file an amended tax return Second home not rented out. How to file an amended tax return   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. How to file an amended tax return You do not have to use the home during the year. How to file an amended tax return Second home rented out. How to file an amended tax return   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. How to file an amended tax return 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. How to file an amended tax return If you do not use the home long enough, it is considered rental property and not a second home. How to file an amended tax return For information on residential rental property, see Publication 527. How to file an amended tax return More than one second home. How to file an amended tax return   If you have more than one second home, you can treat only one as the qualified second home during any year. How to file an amended tax return However, you can change the home you treat as a second home during the year in the following situations. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Divided use of your home. How to file an amended tax return   The only part of your home that is considered a qualified home is the part you use for residential living. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return (See Home Acquisition Debt in Part II. How to file an amended tax return ) Dividing the fair market value may affect your home equity debt limit, also explained in Part II . How to file an amended tax return Renting out part of home. How to file an amended tax return   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. How to file an amended tax return The rented part of your home is used by the tenant primarily for residential living. How to file an amended tax return The rented part of your home is not a self-contained residential unit having separate sleeping, cooking, and toilet facilities. How to file an amended tax return 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. How to file an amended tax return If two persons (and dependents of either) share the same sleeping quarters, they are treated as one tenant. How to file an amended tax return Office in home. How to file an amended tax return   If you have an office in your home that you use in your business, see Publication 587, Business Use of Your Home. How to file an amended tax return It explains how to figure your deduction for the business use of your home, which includes the business part of your home mortgage interest. How to file an amended tax return Home under construction. How to file an amended tax return   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. How to file an amended tax return   The 24-month period can start any time on or after the day construction begins. How to file an amended tax return Home destroyed. How to file an amended tax return   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. How to file an amended tax return This means you can continue to deduct the interest you pay on your home mortgage, subject to the limits described in this publication. How to file an amended tax return   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. How to file an amended tax return   This rule applies to your main home and to a second home that you treat as a qualified home. How to file an amended tax return Time-sharing arrangements. How to file an amended tax return   You can treat a home you own under a time-sharing plan as a qualified home if it meets all the requirements. How to file an amended tax return 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. How to file an amended tax return Rental of time-share. How to file an amended tax return   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. How to file an amended tax return See Second home rented out , earlier, for the use requirement. How to file an amended tax return 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. How to file an amended tax return Married taxpayers. How to file an amended tax return   If you are married and file a joint return, your qualified home(s) can be owned either jointly or by only one spouse. How to file an amended tax return Separate returns. How to file an amended tax return   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. How to file an amended tax return However, if you both consent in writing, then one spouse can take both the main home and a second home into account. How to file an amended tax return Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. How to file an amended tax return It also describes certain special situations that may affect your deduction. How to file an amended tax return Late payment charge on mortgage payment. How to file an amended tax return   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. How to file an amended tax return Mortgage prepayment penalty. How to file an amended tax return   If you pay off your home mortgage early, you may have to pay a penalty. How to file an amended tax return 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. How to file an amended tax return Sale of home. How to file an amended tax return   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. How to file an amended tax return Example. How to file an amended tax return John and Peggy Harris sold their home on May 7. How to file an amended tax return Through April 30, they made home mortgage interest payments of $1,220. How to file an amended tax return 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. How to file an amended tax return Their mortgage interest deduction is $1,270 ($1,220 + $50). How to file an amended tax return Prepaid interest. How to file an amended tax return   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. How to file an amended tax return You can deduct in each year only the interest that qualifies as home mortgage interest for that year. How to file an amended tax return However, there is an exception that applies to points, discussed later. How to file an amended tax return Mortgage interest credit. How to file an amended tax return    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. How to file an amended tax return Figure the credit on Form 8396, Mortgage Interest Credit. How to file an amended tax return If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. How to file an amended tax return   See Form 8396 and Publication 530 for more information on the mortgage interest credit. How to file an amended tax return Ministers' and military housing allowance. How to file an amended tax return   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. How to file an amended tax return Hardest Hit Fund and Emergency Homeowners' Loan Programs. How to file an amended tax return   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. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return 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). How to file an amended tax return 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. How to file an amended tax return Mortgage assistance payments under section 235 of the National Housing Act. How to file an amended tax return   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. How to file an amended tax return You cannot deduct the interest that is paid for you. How to file an amended tax return No other effect on taxes. How to file an amended tax return   Do not include these mortgage assistance payments in your income. How to file an amended tax return Also, do not use these payments to reduce other deductions, such as real estate taxes. How to file an amended tax return Divorced or separated individuals. How to file an amended tax return   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. How to file an amended tax return See the discussion of Payments for jointly-owned home under Alimony in Publication 504, Divorced or Separated Individuals. How to file an amended tax return Redeemable ground rents. How to file an amended tax return   In some states (such as Maryland), you can buy your home subject to a ground rent. How to file an amended tax return A ground rent is an obligation you assume to pay a fixed amount per year on the property. How to file an amended tax return Under this arrangement, you are leasing (rather than buying) the land on which your home is located. How to file an amended tax return   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. How to file an amended tax return   A ground rent is a redeemable ground rent if all of the following are true. How to file an amended tax return Your lease, including renewal periods, is for more than 15 years. How to file an amended tax return You can freely assign the lease. How to file an amended tax return 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. How to file an amended tax return The lessor's interest in the land is primarily a security interest to protect the rental payments to which he or she is entitled. How to file an amended tax return   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. How to file an amended tax return Nonredeemable ground rents. How to file an amended tax return   Payments on a nonredeemable ground rent are not mortgage interest. How to file an amended tax return You can deduct them as rent if they are a business expense or if they are for rental property. How to file an amended tax return Reverse mortgages. How to file an amended tax return   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. How to file an amended tax return With a reverse mortgage, you retain title to your home. How to file an amended tax return 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. How to file an amended tax return Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. How to file an amended tax return 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. How to file an amended tax return Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Part II. How to file an amended tax return Rental payments. How to file an amended tax return   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. How to file an amended tax return This is true even if the settlement papers call them interest. How to file an amended tax return You cannot deduct these payments as home mortgage interest. How to file an amended tax return Mortgage proceeds invested in tax-exempt securities. How to file an amended tax return   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. How to file an amended tax return “Grandfathered debt” and “home equity debt” are defined in Part II of this publication. How to file an amended tax return Refunds of interest. How to file an amended tax return   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. How to file an amended tax return 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. How to file an amended tax return However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. How to file an amended tax return This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. How to file an amended tax return If you need to include the refund in income, report it on Form 1040, line 21. How to file an amended tax return   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. How to file an amended tax return For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. How to file an amended tax return   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in Publication 525, Taxable and Nontaxable Income. How to file an amended tax return Cooperative apartment owner. How to file an amended tax return   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. How to file an amended tax return The patronage dividend is a partial refund to the cooperative housing corporation of mortgage interest it paid in a prior year. How to file an amended tax return   If you receive a Form 1098 from the cooperative housing corporation, the form should show only the amount you can deduct. How to file an amended tax return Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. How to file an amended tax return Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. How to file an amended tax return This image is too large to be displayed in the current screen. How to file an amended tax return Please click the link to view the image. How to file an amended tax return Figure B. How to file an amended tax return 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. How to file an amended tax return See Points paid by the seller , later. How to file an amended tax return General Rule You generally cannot deduct the full amount of points in the year paid. How to file an amended tax return Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. How to file an amended tax return See Deduction Allowed Ratably , next. How to file an amended tax return For exceptions to the general rule, see Deduction Allowed in Year Paid , later. How to file an amended tax return 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. How to file an amended tax return You use the cash method of accounting. How to file an amended tax return This means you report income in the year you receive it and deduct expenses in the year you pay them. How to file an amended tax return Most individuals use this method. How to file an amended tax return Your loan is secured by a home. How to file an amended tax return (The home does not need to be your main home. How to file an amended tax return ) Your loan period is not more than 30 years. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Example. How to file an amended tax return You use the cash method of accounting. How to file an amended tax return In 2013, you took out a $100,000 loan payable over 20 years. How to file an amended tax return The terms of the loan are the same as for other 20-year loans offered in your area. How to file an amended tax return You paid $4,800 in points. How to file an amended tax return You made 3 monthly payments on the loan in 2013. How to file an amended tax return You can deduct $60 [($4,800 ÷ 240 months) x 3 payments] in 2013. How to file an amended tax return In 2014, if you make all twelve payments, you will be able to deduct $240 ($20 x 12). How to file an amended tax return Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. How to file an amended tax return (You can use Figure B as a quick guide to see whether your points are fully deductible in the year paid. How to file an amended tax return ) Your loan is secured by your main home. How to file an amended tax return (Your main home is the one you ordinarily live in most of the time. How to file an amended tax return ) Paying points is an established business practice in the area where the loan was made. How to file an amended tax return The points paid were not more than the points generally charged in that area. How to file an amended tax return You use the cash method of accounting. How to file an amended tax return This means you report income in the year you receive it and deduct expenses in the year you pay them. How to file an amended tax return Most individuals use this method. How to file an amended tax return 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. How to file an amended tax return The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. How to file an amended tax return The funds you provided are not required to have been applied to the points. How to file an amended tax return They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. How to file an amended tax return You cannot have borrowed these funds from your lender or mortgage broker. How to file an amended tax return You use your loan to buy or build your main home. How to file an amended tax return The points were computed as a percentage of the principal amount of the mortgage. How to file an amended tax return The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. How to file an amended tax return The points may be shown as paid from either your funds or the seller's. How to file an amended tax return Note. How to file an amended tax return 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. How to file an amended tax return Home improvement loan. How to file an amended tax return   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. How to file an amended tax return Second home. How to file an amended tax return You cannot fully deduct in the year paid points you pay on loans secured by your second home. How to file an amended tax return You can deduct these points only over the life of the loan. How to file an amended tax return Refinancing. How to file an amended tax return   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. How to file an amended tax return This is true even if the new mortgage is secured by your main home. How to file an amended tax return   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. How to file an amended tax return You can deduct the rest of the points over the life of the loan. How to file an amended tax return Example 1. How to file an amended tax return In 1998, Bill Fields got a mortgage to buy a home. How to file an amended tax return In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. How to file an amended tax return The mortgage is secured by his home. How to file an amended tax return To get the new loan, he had to pay three points ($3,000). How to file an amended tax return 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. How to file an amended tax return Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. How to file an amended tax return The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. How to file an amended tax return Bill's first payment on the new loan was due July 1. How to file an amended tax return He made six payments on the loan in 2013 and is a cash basis taxpayer. How to file an amended tax return Bill used the funds from the new mortgage to repay his existing mortgage. How to file an amended tax return 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. How to file an amended tax return He cannot deduct all of the points in 2013. How to file an amended tax return He can deduct two points ($2,000) ratably over the life of the loan. How to file an amended tax return He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. How to file an amended tax return The other point ($1,000) was a fee for services and is not deductible. How to file an amended tax return Example 2. How to file an amended tax return 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. How to file an amended tax return Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. How to file an amended tax return His deduction is $500 ($2,000 × 25%). How to file an amended tax return Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. How to file an amended tax return This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. How to file an amended tax return The total amount Bill deducts in 2013 is $550 ($500 + $50). How to file an amended tax return Special Situations This section describes certain special situations that may affect your deduction of points. How to file an amended tax return Original issue discount. How to file an amended tax return   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. How to file an amended tax return This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. How to file an amended tax return Amounts charged for services. How to file an amended tax return    Amounts charged by the lender for specific services connected to the loan are not interest. How to file an amended tax return Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. How to file an amended tax return  You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. How to file an amended tax return Points paid by the seller. How to file an amended tax return   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. How to file an amended tax return Treatment by seller. How to file an amended tax return   The seller cannot deduct these fees as interest. How to file an amended tax return But they are a selling expense that reduces the amount realized by the seller. How to file an amended tax return See Publication 523 for information on selling your home. How to file an amended tax return Treatment by buyer. How to file an amended tax return   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. How to file an amended tax return If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. How to file an amended tax return If any of those tests are not met, the buyer deducts the points over the life of the loan. How to file an amended tax return   If you need information about the basis of your home, see Publication 523 or Publication 530. How to file an amended tax return Funds provided are less than points. How to file an amended tax return   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. How to file an amended tax return In addition, you can deduct any points paid by the seller. How to file an amended tax return Example 1. How to file an amended tax return When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). How to file an amended tax return You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. How to file an amended tax return Of the $1,000 charged for points, you can deduct $750 in the year paid. How to file an amended tax return You spread the remaining $250 over the life of the mortgage. How to file an amended tax return Example 2. How to file an amended tax return 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. How to file an amended tax return In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). How to file an amended tax return You spread the remaining $250 over the life of the mortgage. How to file an amended tax return You must reduce the basis of your home by the $1,000 paid by the seller. How to file an amended tax return Excess points. How to file an amended tax return   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. How to file an amended tax return You must spread any additional points over the life of the mortgage. How to file an amended tax return Mortgage ending early. How to file an amended tax return   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. How to file an amended tax return However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. How to file an amended tax return Instead, deduct the remaining balance over the term of the new loan. How to file an amended tax return   A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. How to file an amended tax return Example. How to file an amended tax return Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. How to file an amended tax return He deducts $200 points per year. How to file an amended tax return Through 2012, Dan has deducted $2,200 of the points. How to file an amended tax return Dan prepaid his mortgage in full in 2013. How to file an amended tax return He can deduct the remaining $800 of points in 2013. How to file an amended tax return Limits on deduction. How to file an amended tax return   You cannot fully deduct points paid on a mortgage that exceeds the limits discussed in Part II . How to file an amended tax return See the Table 1 Instructions for line 10. How to file an amended tax return Form 1098. How to file an amended tax return    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. How to file an amended tax return See Form 1098, Mortgage Interest Statement , later. How to file an amended tax return Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. How to file an amended tax return The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006. How to file an amended tax return Qualified mortgage insurance. How to file an amended tax return   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). How to file an amended tax return   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. How to file an amended tax return If provided by the Rural Housing Service, it is commonly known as a guarantee fee. How to file an amended tax return 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. How to file an amended tax return These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. How to file an amended tax return Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. How to file an amended tax return Special rules for prepaid mortgage insurance. How to file an amended tax return   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. How to file an amended tax return 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. How to file an amended tax return No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. How to file an amended tax return This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. How to file an amended tax return Example. How to file an amended tax return Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. How to file an amended tax return Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. How to file an amended tax return 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. How to file an amended tax return Ryan's adjusted gross income (AGI) for 2012 is $76,000. How to file an amended tax return Ryan can deduct $880 ($9,240 ÷ 84 x 8 months) for qualified mortgage insurance premiums in 2012. How to file an amended tax return For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 x 12 months) if his AGI is $100,000 or less. How to file an amended tax return 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). How to file an amended tax return Limit on deduction. How to file an amended tax return   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. How to file an amended tax return 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. How to file an amended tax return If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. How to file an amended tax return Form 1098. How to file an amended tax return   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. How to file an amended tax return See Form 1098, Mortgage Interest Statement, next. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return A governmental unit is a person for purposes of furnishing the statement. How to file an amended tax return The statement for each year should be sent to you by January 31 of the following year. How to file an amended tax return A copy of this form will also be sent to the IRS. How to file an amended tax return 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. How to file an amended tax return However, it should not show any interest that was paid for you by a government agency. How to file an amended tax return As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. How to file an amended tax return However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. How to file an amended tax return See the earlier discussion of Points to determine whether you can deduct points not shown on Form 1098. How to file an amended tax return Prepaid interest on Form 1098. How to file an amended tax return   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. How to file an amended tax return However, you cannot deduct the prepaid amount for January 2014 in 2013. How to file an amended tax return (See Prepaid interest , earlier. How to file an amended tax return ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. How to file an amended tax return You will include the interest for January 2014 with other interest you pay for 2014. How to file an amended tax return Refunded interest. How to file an amended tax return   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. How to file an amended tax return See Refunds of interest , earlier. How to file an amended tax return Mortgage insurance premiums. How to file an amended tax return   The amount of mortgage insurance premiums you paid during 2013 may be shown in Box 4 of Form 1098. How to file an amended tax return See Mortgage Insurance Premiums , earlier. How to file an amended tax return How To Report Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. How to file an amended tax return 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. How to file an amended tax return Attach a statement explaining the difference and print “See attached” next to line 10. How to file an amended tax return Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. How to file an amended tax return 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. How to file an amended tax return The seller must give you this number and you must give the seller your TIN. How to file an amended tax return A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. How to file an amended tax return Failure to meet any of these requirements may result in a $50 penalty for each failure. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. How to file an amended tax return More than one borrower. How to file an amended tax return   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. How to file an amended tax return Show how much of the interest each of you paid, and give the name and address of the person who received the form. How to file an amended tax return Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. How to file an amended tax return Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. How to file an amended tax return   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. How to file an amended tax return Let each of the other borrowers know what his or her share is. How to file an amended tax return Mortgage proceeds used for business or investment. How to file an amended tax return   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. How to file an amended tax return It shows where to deduct the part of your excess interest that is for those activities. How to file an amended tax return 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. How to file an amended tax return Special Rule for Tenant-Stockholders in Cooperative Housing Corporations A qualified home includes stock in a cooperative housing corporation owned by a tenant-stockholder. How to file an amended tax return This applies only if the tenant-stockholder is entitled to live in the house or apartment because of owning stock in the cooperative. How to file an amended tax return Cooperative housing corporation. How to file an amended tax return   This is a corporation that meets all of the following conditions. How to file an amended tax return 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. How to file an amended tax return Receives at least 80% of its gross income for the year in which the mortgage interest is paid or incurred from tenant-stockholders. How to file an amended tax return For this purpose, gross income is all income received during the entire year, including amounts received before the corporation changed to cooperative ownership. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Stock used to secure debt. How to file an amended tax return   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). How to file an amended tax return 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. How to file an amended tax return See chapter 4 of Publication 535 for details on these rules. How to file an amended tax return Figuring deductible home mortgage interest. How to file an amended tax return   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. How to file an amended tax return 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. How to file an amended tax return   Figure your share of this interest by multiplying the total by the following fraction. How to file an amended tax return      Your shares of stock in the cooperative   The total shares of stock in the cooperative Limits on deduction. How to file an amended tax return   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. How to file an amended tax return The cooperative should determine your share of its grandfathered debt, its home acquisition debt, and its home equity debt. How to file an amended tax return (Your share of each of these types of debt is equal to the average balance of each debt multiplied by the fraction just given. How to file an amended tax return ) 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. How to file an amended tax return Form 1098. How to file an amended tax return    The cooperative should give you a Form 1098 showing your share of the interest. How to file an amended tax return Use the rules in this publication to determine your deductible mortgage interest. How to file an amended tax return Part II. How to file an amended tax return Limits on Home Mortgage Interest Deduction This part of the publication discusses the limits on deductible home mortgage interest. How to file an amended tax return 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 . How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Table 1 can help you figure your qualified loan limit and your deductible home mortgage interest. How to file an amended tax return 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). How to file an amended tax return It also must be secured by that home. How to file an amended tax return 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. How to file an amended tax return The additional debt may qualify as home equity debt (discussed later). How to file an amended tax return Home acquisition debt limit. How to file an amended tax return   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). How to file an amended tax return This limit is reduced (but not below zero) by the amount of your grandfathered debt (discussed later). How to file an amended tax return Debt over this limit may qualify as home equity debt (also discussed later). How to file an amended tax return Refinanced home acquisition debt. How to file an amended tax return   Any secured debt you use to refinance home acquisition debt is treated as home acquisition debt. How to file an amended tax return 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. How to file an amended tax return 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). How to file an amended tax return Mortgage that qualifies later. How to file an amended tax return   A mortgage that does not qualify as home acquisition debt because it does not meet all the requirements may qualify at a later time. How to file an amended tax return 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. How to file an amended tax return However, if the debt is later secured by the home, it may qualify as home acquisition debt after that time. How to file an amended tax return Similarly, a debt that you use to buy property may not qualify because the property is not a qualified home. How to file an amended tax return However, if the property later becomes a qualified home, the debt may qualify after that time. How to file an amended tax return Mortgage treated as used to buy, build, or improve home. How to file an amended tax return   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. How to file an amended tax return This applies in the following situations. How to file an amended tax return You buy your home within 90 days before or after the date you take out the mortgage. How to file an amended tax return 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). How to file an amended tax return (See Example 1 later. How to file an amended tax return ) You build or improve your home and take out the mortgage before the work is completed. How to file an amended tax return The home acquisition debt is limited to the amount of the expenses incurred within 24 months before the date of the mortgage. How to file an amended tax return You build or improve your home and take out the mortgage within 90 days after the work is completed. How to file an amended tax return 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. How to file an amended tax return (See Example 2 later. How to file an amended tax return ) Example 1. How to file an amended tax return You bought your main home on June 3 for $175,000. How to file an amended tax return You paid for the home with cash you got from the sale of your old home. How to file an amended tax return On July 15, you took out a mortgage of $150,000 secured by your main home. How to file an amended tax return You used the $150,000 to invest in stocks. How to file an amended tax return 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. How to file an amended tax return The entire mortgage qualifies as home acquisition debt because it was not more than the home's cost. How to file an amended tax return Example 2. How to file an amended tax return On January 31, John began building a home on the lot that he owned. How to file an amended tax return He used $45,000 of his personal funds to build the home. How to file an amended tax return The home was completed on October 31. How to file an amended tax return On November 21, John took out a $36,000 mortgage that was secured by the home. How to file an amended tax return The mortgage can be treated as used to build the home because it was taken out within 90 days after the home was completed. How to file an amended tax return 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. How to file an amended tax return This is illustrated by Figure C. How to file an amended tax return   Please click here for the text description of the image. How to file an amended tax return Figure C. How to file an amended tax return John's example Date of the mortgage. How to file an amended tax return   The date you take out your mortgage is the day the loan proceeds are disbursed. How to file an amended tax return This is generally the closing date. How to file an amended tax return You can treat the day you apply in writing for your mortgage as the date you take it out. How to file an amended tax return However, this applies only if you receive the loan proceeds within a reasonable time (such as within 30 days) after your application is approved. How to file an amended tax return If a timely application you make is rejected, a reasonable additional time will be allowed to make a new application. How to file an amended tax return Cost of home or improvements. How to file an amended tax return   To determine your cost, include amounts paid to acquire any interest in a qualified home or to substantially improve the home. How to file an amended tax return   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. How to file an amended tax return Substantial improvement. How to file an amended tax return   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. How to file an amended tax return    Repairs that maintain your home in good condition, such as repainting your home, are not substantial improvements. How to file an amended tax return 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. How to file an amended tax return Acquiring an interest in a home because of a divorce. How to file an amended tax return   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. How to file an amended tax return Part of home not a qualified home. How to file an amended tax return    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. How to file an amended tax return See Divided use of your home under Qualified Home in Part I. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Example. How to file an amended tax return You bought your home for cash 10 years ago. How to file an amended tax return 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. How to file an amended tax return This loan is home equity debt. How to file an amended tax return Home equity debt limit. How to file an amended tax return   There is a limit on the amount of debt that can be treated as home equity debt. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Example. How to file an amended tax return You own one home that you bought in 2000. How to file an amended tax return Its FMV now is $110,000, and the current balance on your original mortgage (home acquisition debt) is $95,000. How to file an amended tax return Bank M offers you a home mortgage loan of 125% of the FMV of the home less any outstanding mortgages or other liens. How to file an amended tax return To consolidate some of your other debts, you take out a $42,500 home mortgage loan [(125% × $110,000) − $95,000] with Bank M. How to file an amended tax return Your home equity debt is limited to $15,000. How to file an amended tax return 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. How to file an amended tax return Debt higher than limit. How to file an amended tax return   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. How to file an amended tax return But if the proceeds of the loan were used for investment, business, or other deductible purposes, the interest may be deductible. How to file an amended tax return If it is, see the Table 1 Instructions for line 13 for an explanation of how to allocate the excess interest. How to file an amended tax return Part of home not a qualified home. How to file an amended tax return   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. How to file an amended tax return See Divided use of your home under Qualified Home in Part I. How to file an amended tax return Fair market value (FMV). How to file an amended tax return    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. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return To qualify, it must have been secured by your qualified home on October 13, 1987, and at all times after that date. How to file an amended tax return How you used the proceeds does not matter. How to file an amended tax return Grandfathered debt is not limited. How to file an amended tax return All of the interest you paid on grandfathered debt is fully deductible home mortgage interest. How to file an amended tax return 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. How to file an amended tax return Refinanced grandfathered debt. How to file an amended tax return   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. How to file an amended tax return 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). How to file an amended tax return The debt must be secured by the qualified home. How to file an amended tax return   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. How to file an amended tax return After that, you treat it as home acquisition debt or home equity debt, depending on how you used the proceeds. How to file an amended tax return Exception. How to file an amended tax return   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. How to file an amended tax return This term cannot be more than 30 years. How to file an amended tax return Example. How to file an amended tax return Chester took out a $200,000 first mortgage on his home in 1986. How to file an amended tax return The mortgage was a five-year balloon note and the entire balance on the note was due in 1991. How to file an amended tax return Chester refinanced the debt in 1991 with a new 20-year mortgage. How to file an amended tax return The refinanced debt is treated as grandfathered debt for its entire term (20 years). How to file an amended tax return Line-of-credit mortgage. How to file an amended tax return    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. How to file an amended tax return The balance on the mortgage before you borrowed the additional amounts is grandfathered debt. How to file an amended tax return The newly borrowed amounts are not grandfathered debt because the funds were borrowed after October 13, 1987. How to file an amended tax return See Average Mortgage Balance in the Table 1 Instructions that follow. How to file an amended tax return 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. How to file an amended tax return All the mortgages are grandfathered debt. How to file an amended tax return The total of the mortgage balances for the entire year is within the limits discussed earlier under Home Acquisition Debt and Home Equity Debt . How to file an amended tax return In either of those cases, you do not need Table 1. How to file an amended tax return Otherwise, you can use Table 1 to determine your qualified loan limit and deductible home mortgage interest. How to file an amended tax return Fill out only one Table 1 for both your main and second home regardless of how many mortgages you have. How to file an amended tax return Table 1. How to file an amended tax return Worksheet To Figure Your Qualified Loan Limit and Deductible Home Mortgage Interest For the Current Year See the Table 1 Instructions. How to file an amended tax return Part I Qualified Loan Limit 1. How to file an amended tax return Enter the average balance of all your grandfathered debt. How to file an amended tax return See line 1 instructions 1. How to file an amended tax return   2. How to file an amended tax return Enter the average balance of all your home acquisition debt. How to file an amended tax return See line 2 instructions 2. How to file an amended tax return   3. How to file an amended tax return Enter $1,000,000 ($500,000 if married filing separately) 3. How to file an amended tax return   4. How to file an amended tax return Enter the larger of the amount on line 1 or the amount on line 3 4. How to file an amended tax return   5. How to file an amended tax return Add the amounts on lines 1 and 2. How to file an amended tax return Enter the total here 5. How to file an amended tax return   6. How to file an amended tax return Enter the smaller of the amount on line 4 or the amount on line 5 6. How to file an amended tax return   7. How to file an amended tax return If you have home equity debt, enter the smaller of $100,000 ($50,000 if married filing separately) or your limited amount. How to file an amended tax return See the line 7 instructions for the limit which may apply to you. How to file an amended tax return 7. How to file an amended tax return   8. How to file an amended tax return Add the amounts on lines 6 and 7. How to file an amended tax return Enter the total. How to file an amended tax return This is your qualified loan limit. How to file an amended tax return 8. How to file an amended tax return   Part II Deductible Home Mortgage Interest 9. How to file an amended tax return Enter the total of the average balances of all mortgages on all qualified homes. How to file an amended tax return  See line 9 instructions 9. How to file an amended tax return     If line 8 is less than line 9, go on to line 10. How to file an amended tax return If line 8 is equal to or more than line 9, stop here. How to file an amended tax return All of your interest on all the mortgages included on line 9 is deductible as home mortgage interest on Schedule A (Form 1040). How to file an amended tax return     10. How to file an amended tax return Enter the total amount of interest that you paid. How to file an amended tax return See line 10 instructions 10. How to file an amended tax return   11. How to file an amended tax return Divide the amount on line 8 by the amount on line 9. How to file an amended tax return Enter the result as a decimal amount (rounded to three places) 11. How to file an amended tax return × . How to file an amended tax return 12. How to file an amended tax return Multiply the amount on line 10 by the decimal amount on line 11. How to file an amended tax return Enter the result. How to file an amended tax return This is your deductible home mortgage interest. How to file an amended tax return Enter this amount on Schedule A (Form 1040) 12. How to file an amended tax return   13. How to file an amended tax return Subtract the amount on line 12 from the amount on line 10. How to file an amended tax return Enter the result. How to file an amended tax return This is not home mortgage interest. How to file an amended tax return See line 13 instructions 13. How to file an amended tax return   Home equity debt only. How to file an amended tax return   If all of your mortgages are home equity debt, do not fill in lines 1 through 5. How to file an amended tax return Enter zero on line 6 and complete the rest of Table 1. How to file an amended tax return Average Mortgage Balance You have to figure the average balance of each mortgage to determine your qualified loan limit. How to file an amended tax return You need these amounts to complete lines 1, 2, and 9 of Table 1. How to file an amended tax return You can use the highest mortgage balances during the year, but you may benefit most by using the average balances. How to file an amended tax return The following are methods you can use to figure your average mortgage balances. How to file an amended tax return However, if a mortgage has more than one category of debt, see Mixed-use mortgages , later, in this section. How to file an amended tax return Average of first and last balance method. How to file an amended tax return   You can use this method if all the following apply. How to file an amended tax return You did not borrow any new amounts on the mortgage during the year. How to file an amended tax return (This does not include borrowing the original mortgage amount. How to file an amended tax return ) You did not prepay more than one month's principal during the year. How to file an amended tax return (This includes prepayment by refinancing your home or by applying proceeds from its sale. How to file an amended tax return ) You had to make level payments at fixed equal intervals on at least a semi-annual basis. How to file an amended tax return You treat your payments as level even if they were adjusted from time to time because of changes in the interest rate. How to file an amended tax return    To figure your average balance, complete the following worksheet. How to file an amended tax return    1. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Add amounts on lines 1 and 2   4. How to file an amended tax return Divide the amount on line 3 by 2. How to file an amended tax return Enter the result   Interest paid divided by interest rate method. How to file an amended tax return   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. How to file an amended tax return    Complete the following worksheet to figure your average balance. How to file an amended tax return    1. How to file an amended tax return Enter the interest paid in 2013. How to file an amended tax return Do not include points, mortgage insurance premiums, or any interest paid in 2013 that is for a year after 2013. How to file an amended tax return However, do include interest that is for 2013 but was paid in an earlier year   2. How to file an amended tax return Enter the annual interest rate on the mortgage. How to file an amended tax return If the interest rate varied in 2013, use the lowest rate for the year   3. How to file an amended tax return Divide the amount on line 1 by the amount on line 2. How to file an amended tax return Enter the result   Example. How to file an amended tax return Mr. How to file an amended tax return Blue had a line of credit secured by his main home all year. How to file an amended tax return He paid interest of $2,500 on this loan. How to file an amended tax return The interest rate on the loan was 9% (. How to file an amended tax return 09) all year. How to file an amended tax return His average balance using this method is $27,778, figured as follows. How to file an amended tax return 1. How to file an amended tax return Enter the interest paid in 2013. How to file an amended tax return Do not include points, mortgage insurance premiums, or any interest paid in 2013 that is for a year after 2013. How to file an amended tax return However, do include interest that is for 2013 but was paid in an earlier year $2,500 2. How to file an amended tax return Enter the annual interest rate on the mortgage. How to file an amended tax return If the interest rate varied in 2013, use the lowest rate for the year . How to file an amended tax return 09 3. How to file an amended tax return Divide the amount on line 1 by the amount on line 2. How to file an amended tax return Enter the result $27,778 Statements provided by your lender. How to file an amended tax return   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. How to file an amended tax return You can treat the balance as zero for any month the mortgage was not secured by your qualified home. How to file an amended tax return   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. How to file an amended tax return   If your lender can give you your average balance for the year, you can use that amount. How to file an amended tax return Example. How to file an amended tax return Ms. How to file an amended tax return Brown had a home equity loan secured by her main home all year. How to file an amended tax return She received monthly statements showing her average balance for each month. How to file an amended tax return She can figure her average balance for the year by adding her monthly average balances and dividing the total by 12. How to file an amended tax return Mixed-use mortgages. How to file an amended tax return   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). How to file an amended tax return 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). How to file an amended tax return   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. How to file an amended tax return Do not use the methods described earlier in this section to figure the average balance of either category. How to file an amended tax return Instead, for each category, use the following method. How to file an amended tax return Figure the balance of that category of debt for each month. How to file an amended tax return 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. How to file an amended tax return 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. How to file an amended tax return Add together the monthly balances figured in (1). How to file an amended tax return Divide the result in (2) by 12. How to file an amended tax return   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. How to file an amended tax return Example 1. How to file an amended tax return In 1986, Sharon took out a $1,400,000 mortgage to buy her main home (grandfathered debt). How to file an amended tax return 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. How to file an amended tax return 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). How to file an amended tax return Under the loan agreement, Sharon must make principal payments of $1,000 at the end of each month. How to file an amended tax return During 2013, her principal payments on the second mortgage totaled $10,000. How to file an amended tax return 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. How to file an amended tax return The January and February balances were zero. How to file an amended tax return The March through December balances were all $180,000, because none of her principal payments are applied to the home acquisition debt. How to file an amended tax return (They are all applied to the home equity debt, reducing it to $10,000 [$20,000 − $10,000]. How to file an amended tax return ) The monthly balances of the home acquisition debt total $1,800,000 ($180,000 × 10). How to file an amended tax return Therefore, the average balance of the home acquisition debt for 2013 was $150,000 ($1,800,000 ÷ 12). How to file an amended tax return Example 2. How to file an amended tax return The facts are the same as in Example 1. How to file an amended tax return In 2014, Sharon's January through October principal payments on her second mortgage are applied to the home equity debt, reducing it to zero. How to file an amended tax return The balance of the home acquisition debt remains $180,000 for each of those months. How to file an amended tax return 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). How to file an amended tax return The monthly balances total $2,157,000 [($180,000 × 10) + $179,000 + $178,000]. How to file an amended tax return Therefore, the average balance of the home acquisition debt for 2014 is $179,750 ($2,157,000 ÷ 12). How to file an amended tax return L
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Understanding your CP14 Notice

We sent you this notice because you owe money on unpaid taxes.


What you need to do

  • Read your notice carefully — it'll explain how much you owe and how to pay it.
  • Pay the amount you owe by the date the notice asks.
  • Make a payment plan if you can't pay the full amount you owe.
  • Contact us if you disagree.

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Answers to Common Questions

What happens if I can't pay what I owe?
You can make a payment plan if you can't pay the full amount you owe.

How can I make a payment plan?
Call us at the toll free number on the top right corner of your notice to talk about payment plans, or learn more about them.

What should I do if I disagree with the notice?
Call us at the toll free number on the top right corner of your notice. Please have your paperwork (such as cancelled checks, amended return, etc.) ready when you call.

Am I charged interest on the money I owe?
Not if you pay the full amount you owe by the date on the payment coupon. However, interest adds up on the unpaid amount after that date.

Will I receive a penalty if I can't pay the full amount?
Yes, you'll receive a late payment penalty. You can call us at the number on your notice if you can't pay the full amount because of financial problems. Contact us by your payment's due date. Based on your situation, we may be able to remove the penalty.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 

Page Last Reviewed or Updated: 28-Mar-2014

The How To File An Amended Tax Return

How to file an amended tax return Index Symbols 403(b) account, What Is a 403(b) Plan? 403(b) plans Basics, 403(b) Plan Basics Benefits, What Are the Benefits of Contributing to a 403(b) Plan? Participation, Who Can Participate in a 403(b) Plan? Self-employed ministers, Who Can Set Up a 403(b) Account? What is a 403(b) plan?, What Is a 403(b) Plan? Who can set up a 403(b) account?, Who Can Set Up a 403(b) Account? A After-tax contributions, How Can Contributions Be Made to My 403(b) Account? Assistance (see Tax help) B Basics, 403(b) Plan Basics Benefits, What Are the Benefits of Contributing to a 403(b) Plan? C Catch-up contributions, Catch-Up Contributions Chaplain, Ministers. How to file an amended tax return Church employees, Ministers and Church Employees Years of service, Changes to Years of Service Comments on publication, Comments and suggestions. How to file an amended tax return Contributions, How Can Contributions Be Made to My 403(b) Account? After-tax, How Can Contributions Be Made to My 403(b) Account? Catch-up, Catch-Up Contributions Elective deferrals, How Can Contributions Be Made to My 403(b) Account?, Elective deferrals only. How to file an amended tax return Nonelective, How Can Contributions Be Made to My 403(b) Account? Reporting, Do I Report Contributions on My Tax Return? Correcting excess contributions, What Happens If I Have Excess Contributions? Credit, for retirement savings contributions, Retirement Savings Contributions Credit (Saver's Credit) D Distributions, Distributions and Rollovers, Distributions 10-year tax option, No Special 10-Year Tax Option 90-24 transfer, Contract exchanges. How to file an amended tax return Deceased employees, Spouses of deceased employees. How to file an amended tax return Direct rollover, Direct rollovers of 403(b) plan distributions. How to file an amended tax return Eligible retirement plans, Eligible retirement plans. How to file an amended tax return Frozen deposit, Frozen deposits. How to file an amended tax return Gift tax, Gift Tax Minimum required, Minimum Required Distributions Qualified domestic relations order, Qualified domestic relations order. How to file an amended tax return Rollovers, Tax-Free Rollovers, Rollovers to and from 403(b) plans. How to file an amended tax return Second rollover, Second rollover. How to file an amended tax return Transfers, Transfer of Interest in 403(b) Contract E Elective deferrals, How Can Contributions Be Made to My 403(b) Account?, Elective deferrals only. How to file an amended tax return Eligible employees, Eligible employees. How to file an amended tax return , Church employee. How to file an amended tax return Employer's annual work period, Employer's annual work period. How to file an amended tax return Excess contributions, Excess Contributions Correcting, What Happens If I Have Excess Contributions? Determining, How Do I Know If I Have Excess Contributions? Excess amounts, Excess Annual Addition Excess deferrals, Excess Annual Addition Excess elective deferral, Excess Elective Deferral Excise tax, Excise Tax Excise tax Excess contributions, Excise Tax Reporting requirement, Reporting requirement. How to file an amended tax return F Free tax services, How To Get Tax Help, Free help with your tax return. How to file an amended tax return Full-time or part-time, Years of Service G Gift tax, Gift Tax H Help (see Tax help) I Incidental life insurance, Cost of Incidental Life Insurance Includible compensation, Includible Compensation 403(b) plan, Changes to Includible Compensation Figuring, Figuring Includible Compensation for Your Most Recent Year of Service Foreign missionaries, Changes to Includible Compensation Incidental life insurance, Cost of Incidental Life Insurance Self-employed ministers, Changes to Includible Compensation Includible compensation for your most recent year of service Definition, Definition. How to file an amended tax return L Limit on annual additions, Limit on Annual Additions Limit on elective deferrals, Limit on Elective Deferrals 15-year rule, 15-Year Rule Figuring, Figuring the Limit on Elective Deferrals General limit, General Limit M MAC (see Maximum amount contributable) Maximum amount contributable, Maximum Amount Contributable (MAC) Components, Components of Your MAC How to figure MAC, How Do I Figure My MAC? When to figure MAC, When Should I Figure My MAC? Minimum required distributions, Minimum Required Distributions Ministers, Ministers. How to file an amended tax return , Ministers and Church Employees Missing children, Reminder More information (see Tax help) Most recent year of service, Most Recent Year of Service Most recent year of service, figuring, Figuring Your Most Recent Year of Service N Nonelective contributions, How Can Contributions Be Made to My 403(b) Account?, Nonelective contributions only. How to file an amended tax return P Pre-tax contributions, Includible Compensation, Table 3-4. How to file an amended tax return Worksheet B. How to file an amended tax return Includible Compensation for Your Most Recent Year of Service1 , Rollovers to and from 403(b) plans. How to file an amended tax return , Worksheet B. How to file an amended tax return Includible Compensation for Your Most Recent Year of Service1 Publications (see Tax help) Q Qualified domestic relations order, Qualified domestic relations order. How to file an amended tax return R Reporting Contributions Self-employed ministers, Self-employed ministers. How to file an amended tax return Reporting contributions Chaplains, Chaplains. How to file an amended tax return Required distributions, Minimum Required Distributions Retirement savings contributions credit, What's New for 2013, What's New for 2014, Retirement Savings Contributions Credit (Saver's Credit) Rollovers, Distributions and Rollovers, Tax-Free Rollovers Roth contribution program, Roth contribution program. How to file an amended tax return S Salary reduction agreement, Limit on Elective Deferrals Self-employed ministers, Ministers. How to file an amended tax return , Who Can Set Up a 403(b) Account?, Self-employed minister. How to file an amended tax return , Self-employed ministers. How to file an amended tax return , Self-employed minister. How to file an amended tax return Suggestions for publication, Comments and suggestions. How to file an amended tax return T Tax help, How To Get Tax Help Transfers, Transfer of Interest in 403(b) Contract 90-24 transfer, Transfer of Interest in 403(b) Contract Conservatorship, Contract exchanges. How to file an amended tax return Direct-trustee-to-trustee, Direct trustee-to-trustee transfer. How to file an amended tax return Insolvency, Tax-free transfers for certain cash distributions. How to file an amended tax return Permissive service credit, Permissive service credit. How to file an amended tax return TTY/TDD information, How To Get Tax Help V Voluntary deductible contributions, Voluntary deductible contributions. How to file an amended tax return W What is a 403(b) plan?, What Is a 403(b) Plan? Y Years of service, Years of Service Church employees, Church employee. How to file an amended tax return , Changes to Years of Service Definition, Definition Employer's annual work period, Employer's annual work period. How to file an amended tax return Full year of service, Full year of service. How to file an amended tax return Full-time employee for the full year, Full-Time Employee for the Full Year Full-time for part of the year, Full-time for part of the year. How to file an amended tax return Other than full-time for the full year, Other Than Full-Time for the Full Year Part-time for the full year, Part-time for the full year. How to file an amended tax return Part-time for the part of the year, Part-time for part of the year. How to file an amended tax return Self-employed minister, Changes to Years of Service Total years of service, Total years of service. How to file an amended tax return Prev  Up     Home   More Online Publications