
Mortgage Interest and Your Taxes
We’re approaching that time of year again, where tax documents start arriving in the mail. If you are new to homeownership you may not understand some of the documents and how they are used. Here is a quick guide to the mortgage related tax documents you should bring to your accountant:
Form 1098- Mortgage Interest
This form tells you the amount of mortgage interest you paid in the previous year, including and points when you closed on your loan. This is deductible.
Wisconsin Real Estate Tax Bill
This should be brought to your tax accountant or preparer. There is a deduction in t.
Your Previous Closing Discosure
If you paid any points when you closed, they costs are technically deductible. Bring this form to your tax preparer:
The Take Away
Those are the basic forms you need to get the maximum deductions on your Federal and State taxes. Always consult your professional tax preparer for final advice.
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Executive Mortgage