Using Form 1040 for Mortgage Interest Deduction
If you purchased a home the previous year then you are probably paying mortgage interest. There is a possibility that enough interest was paid to be itemized. If you paid enough mortgage interest to use on a Schedule A then you can file the deduction for a refund. Taxpayers will benefit by filing a Schedule A itemizing form and a Form 1040. To qualify for the credit as a single person, the deduction has to equal $5,700 or more. To qualify for the credit as a married couple, the deduction has to be $11,400 or more. The mortgage interest deduction is one of the benefits of being a homeowner.
