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Video instructions and help with filling out and completing Can Form 8815 Deduction

Instructions and Help about Can Form 8815 Deduction

Mortgage interest deduction hi I'm Christine and I work for the Internal Revenue Service do you have a mortgage or home equity loan if so you need to know that tax reform changes affect the tax deduction for mortgage interest the first change is you can deduct interest only for loans that were used to buy build or substantially improve your main home or a second home that means interest paid on some home equity loans is not deductible for example if you use the loan proceeds to buy a car pay credit card bills or some other purpose you cannot deduct interest paid in 2023 the second change applies to loans that were originated after December 15th 2023 you can now only deduct interest paid on the first 750,000 dollars of these loans or 375,000 if you are married filing separately if you refinance your loan after December 15th 2023 there are some special rules that may let you deduct interest paid on the full amount you refinanced to learn more visit irs.gov and check out publication 936 and remember to deduct your mortgage interest you must itemize your deductions but the tax reform law boosted the standard deduction for most people that means for many people the standard deduction will be a better deal than itemizing to learn more about this and other tax law changes visit irs.gov slash tax reform and if you find this video helpful please share it thank you.