Can I deduct a Mortgage Interest Credit on my tax return?

You may be able to deduct a mortgage interest credit on your  tax return against your federal income tax if you were issued a mortgage interest credit certificate by a state or local government. Generally, a qualifying principal residence may not cost more than 90% of the average area purchase price; or 110% in certain targeted areas. The mortgage interest credit equals the interest paid multiplied by the mortgage interest credit certificate rate set by the government issuing the mortgage interest credit certificate. The maximum annual mortgage interest credit is $2,000. Use Form 8396, Mortgage Interest Credit, to figure the amount of your mortgage interest credit on your tax return. Individuals who claim the mortgage interest credit must reduce their mortgage interest tax deduction by the amount of the mortgage interest credit on their tax return.
 Related information about the Mortgage Interest Credit
Tax Credits
IRS publications about the Mortgage Interest Credit:
See IRS Publication 936, Home Mortgage Interest Deduction. Also see IRS Publication 17, Your Federal Income Tax.
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