Annual Mortgage Taxes

hether you’ve refinanced your general mortgage loan or taken a second mortgage, you should receive a Form 1098 annually which indicates the amount of mortgage interest you’ve paid during the year. Generally, that amount is tax-deductible on your actual Federal tax return. You will need to file an agenda A in order that you are able to itemize your deductions to claim this benefit, but the savings are worth the additional step for most taxpayers. It really is important to try to keep your eye out for your escrow statement because property taxes will also be deductible, as well as in Texas particularly, this represents another powerful tax break. read...

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