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01-02-2008, 10:41 AM
| | Junior Member | | Join Date: Jan 2008
Posts: 1
| | | mortgage interest credit
Connecticut--------- I have held a mortgage since 1996- can I claim the mortgage interest credit now? how do I go about getting the MCC form necessary? |
01-02-2008, 01:18 PM
| | Senior Member | | Join Date: Feb 2007
Posts: 8,252
| | | It's not a mortgage tax credit, it's a deduction for the interest paid (from your income). Hopefully you qualify (you were obligated to pay the interest, you paid it, and the mortgage was an acquisition loan on a qualifying property). Whether it will result in any tax savings to you depends on the nature of your other deductions and income. You can file amended returns for the recent years to claim it. Behind three years, you're out of luck.
You don't need anything other than the 1040X (and whatever the CT equiv is). You don't need anything from the mortgage company to file other than knowing how much you paid (hopefully your old mortgage info, or the mortgage company can provide the nubmer).
If you forgot this, you probably also forgot to deduct the property taxes as well. Might as well file for that too. |
01-02-2008, 01:32 PM
| | Member | | Join Date: Jul 2007 Location: Houston, Texas
Posts: 423
| | | Mortgage Interest Credit
To be fair, there is a mortgage interest credit available for holders of mortgage interest certificates issued by state and local governments. The credit is claimed on Form 8396. This credit is only for low income homeowners only and there must be a certificate issued.
The mortgage interest deduction is reduced by the amount of the credit. |
01-02-2008, 01:37 PM
| | Senior Member | | Join Date: Aug 2007 Location: With Capt'n Hook
Posts: 6,812
| | | irsos - I'm pretty sure that you can get that mortgage credit certificate ONLY when you've first received the mortgage. I have a cousin who qualified for it.
__________________ If you don't like something, change it. If you can't change it, change your attitude. Don't complain. Maya Angelou |
01-02-2008, 01:41 PM
| | Member | | Join Date: Jul 2007 Location: Houston, Texas
Posts: 423
| | Quote:
Originally Posted by Ginny J  irsos - I'm pretty sure that you can get that mortgage credit certificate ONLY when you've first received the mortgage. I have a cousin who qualified for it. | Well, he has had the mortgage since 1996 and he did ask specifically about how to get a mortgage credit certificate. |
01-02-2008, 01:43 PM
| | Senior Member | | Join Date: Aug 2007 Location: With Capt'n Hook
Posts: 6,812
| | Quote: |
Well, he has had the mortgage since 1996 and he did ask specifically about how to get a mortgage credit certificate.
| He would have to go back to the mortgage company on that. My cousin's MCC was done at closing. A title company might know also.
__________________ If you don't like something, change it. If you can't change it, change your attitude. Don't complain. Maya Angelou |
01-02-2008, 01:53 PM
| | Member | | Join Date: Jul 2007 Location: Houston, Texas
Posts: 423
| | | Mortgage Interest Credit
I was not saying he qualified, I do not know what the rules are. I am saying that that mortgage interest credits exist. | |
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