How do you deduct your mortgage interest?

My boyfriend and I are buying a condo. I was wondering how you get the money back per paycheck. Also, how do you figure out beforehand how much of the interest you are getting back? I have looked all over the internet but everything seems like a more complicated answer than I am looking for...How do you deduct your mortgage interest?
The only way you can get your money back from Mortgage interest is to get a refund on your personal return when you file your taxes. The interest is deductible, not refundable and you can get your money back through a paycheck.. All of the interest you paid is deductible on Schedule A on form 1040 (personal tax form). You can call your mortgage company to see how much interest you have paid so far, they sometimes list it on your mortgage statement that they send every month. Or you can wait to get your form 1096 from your mortgage company which tells you how much interest you piad in the year. They usually mail them out about now You can also find the amount of interest paid on your amortization table.How do you deduct your mortgage interest?
GET YOUR SELF A COPY OF THE IRS 1040 TAX FORM AND TAX TABLE. The post office should have one or can direct you to one. These books let you know the answer to your questions, you can do the forms in pencils and you will learn a lot about taxes.





Basically the form adds up all income to get a gross income. Then subtract deductions part of which is the interest on mortgage, taxes paid, dependency allowances, losses on capital ,(and more) - this gives you the TAXABLE NET INCOME. The Taxable Net Income is applied to the tax table (in the book) and the taxes due are derived. Then you subtract the taxes paid, if the answer is (-) negative this is the over payment and your refund. If (+) this is the balance due at IRS by 15 April.
What they mean when they say ';deduct the mortgage interest'; is that at tax time, you can deduct what you paid in mortgage interest from your taxable earnings.
Interest paid via mortagage payments only can be used on the 1040 not 1040A tax forms. By means of itemizing on each of your 1040 tax forms and each of you filing separately. Each of you would be allowed to use only half of the interest paid via mortgage payments.





The money back per pay check has nothing to do with interest paid in your mortgage. I believe you are talking about the Earned Income Tax Credit which you can op to get early in your pay checks, only if you are getting a refund at the end of the year and only if your employer particiaptes. Check with the IRS.