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Do I have to itemize deductions to deduct mortgage interest on a house?

Written By: admin on November 29, 2009 One Comment

I am plotting to buy a house in the state of washington in year 2010. Since I don’t have mortgage, I take the standard deduction now and I am wondering if I can keep doing it next year and still deduct my mortgage interest payments.

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One Response to “Do I have to itemize deductions to deduct mortgage interest on a house?”

  1. Jss on: 29 November 2009 at 7:13 am

    Yes, it is itemized deduction.
    You can also deduct Mortgage insurance premiums with respect to mortgage insurance contracts on line 13 of schedule A. This deduction is available from year 2007 through year 2010. Box 4 of Form 1098 may show the amount of premium you paid in 2009.

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