If you are a new homeowner or if you have owned your home for years, there are many home mortgage and property tax deductions available for both situations.

File your tax return with TurboTax Online to deduct your home mortgage interest. In most cases you can deduct the entire amount of mortgage interest for your primary and second home.

The amount of your mortgage interest deduction depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. Consult Publication 936 provided by the IRS for more information about home mortgage and property tax deductions.

Previous Home Purchases

If you own your home you may deduct the interest on your home loan every single year that you own your home. You may also deduct the property taxes for every year you own your home.

If you are a homeowner, then you will most likely see the greatest tax benefits from itemizing your return. You file form 1040 and itemize deductions on Schedule A.

You must itemize on your income tax return in order to take the following tax deductions:

• Mortgage Interest Tax

• Loan Origination Fees

• Points

• Mortgage Insurance Premiums

• Sale of Your Home

• Deductions on a Second Home

In order to claim these deductions you will need to have some documentation available to you such as your mortgage statement, property tax statement, mortgage insurance statement, and any loan closing information that lists the amount of fees paid to purchase your home.

TurboTax Online offers step by step instructions on claiming your home mortgage property tax related deductions.