Skip to main content
March 1, 2021
Question

For 1098 is says to follow these instructions if your loan amount is $375,00 or more. What if it is less? it will not let me by pass this

  • March 1, 2021
  • 1 reply
  • 0 views
No text available

1 reply

ReneeM7122
March 1, 2021

Are you referring to Form 1098-T or Form 1098, mortgage statement?  Your question is filed under Education and 1098 but this sounds like it has to do with home debt interest deduction limits.

 

Under tax law, you are limited on the amount of home interest you can deduct. The limit is based on the loan amount and date of the origination of debt.   The limitation starts at Home Debt Over $375,000.