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Pub. 936, Home Mortgage Interest Deduction 2005 Tax Year

Publication 936 - Introductory Material


Reminders

Personal interest. Personal interest is not deductible. Examples of personal interest include interest on a loan to purchase an automobile for personal use and credit card and installment interest incurred for personal expenses. But you may be able to deduct interest you pay on a qualified student loan. For details, see Publication 970, Tax Benefits for Education.

Limit on itemized deductions. Certain itemized deductions (including home mortgage interest) are limited if your adjusted gross income is more than $145,950 ($72,975 if you are married filing separately). For more information, see the instructions for Schedule A (Form 1040).

Photographs of missing children. The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.

Introduction

This publication discusses the rules for deducting home mortgage interest.

Part I contains general information on home mortgage interest, including points. It also explains how to report deductible interest on your tax return.

Part II explains how your deduction for home mortgage interest may be limited. It contains Table 1, which is a worksheet you may use to figure the limit on your deduction.

Comments and suggestions.   We welcome your comments about this publication and your suggestions for future editions.

  You can write to us at the following address:


Internal Revenue Service
Individual Forms and Publications Branch
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Tax questions.   If you have a tax question, visit www.irs.gov or call 1-800-829-1040. We cannot answer tax questions at either of the addresses listed above.

Ordering forms and publications.   Visit www.irs.gov/formspubs to download forms and publications, call 1-800-829-3676, or write to one of the three addresses shown under How To Get Tax Help in the back of this publication.

Useful Items - You may want to see:

Publication

  • 523 Selling Your Home

  • 527 Residential Rental Property

  • 530 Tax Information for First-Time Homeowners

  • 535 Business Expenses

See How To Get Tax Help, near the end of this publication, for information about getting these publications.

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