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WiseGuides, Inc.
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Akron, Oh 44333
Mortgage Interest
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Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 2 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: January 2010 Accreditation: NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - DEDUCTIBLE HOME MORTGAGE INTEREST
Learning Objectives 1
What is home mortgage interest
Three categories of home mortgage interest
Sale of home
Mortgage prepayment penalty
Mortgage interest credit
Redeemable ground rents
Reverse mortgage loans
Refunds of interest
Cooperative apartment owners
Closing costs
Lesson 2 - POINTS
Learning Objectives 2
General rule
Deduction in year paid
Refinancing
Deduction allowed ratably
Points paid by the seller
Mortgage insurance premiums
Lesson 3 - REPORTING MORTGAGE INTEREST
Learning Objectives 3
Mortgage Interest Statement
How to Report
Lesson 4 - LIMITS ON HOME MORTGAGE INTEREST DEDUCTION
Learning Objectives 4
The three categories
Secured Debt
Election to treat debt as not secured by the home
Qualified Home
Divided use of the home
Home under construction
Time-sharing arrangements
Married taxpayers
Lesson 5 - HOME ACQUISITION DEBT
Learning Objectives 5
What is home acquisition debt
Home acquisition debt limit
When mortgage must be taken out
Home Equity Debt
Lesson 6 - GRANDFATHERED DEBT
Learning Objectives 6
What is grandfathered debt
Refinanced grandfathered debt
Line-of-credit mortgage
Lesson 7 - COOPERATIVE HOUSING CORPORATIONS
Learning Objectives 7
Cooperative Housing Corporations
Figuring deductible home mortgage interest
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Identify the closing costs that cannot be deducted as interest
- Figure the mortgage interest deduction when there is a sale of residence
- Identify the rules that apply to the mortgage interest credit
Pay particular attention to paragraphs marked by the Wiseguy.
He'll guide you to key issues.
After completing Lesson 2, you will be able to:
- Identify when points paid during the year can be fully deductible
After completing Lesson 3, you will be able to:
- Figure the amount of mortgage interest to report on Schedule A, Form 1040
After completing Lesson 4, you will be able to:
- Identify a qualified home for purposes of taking a home mortgage interest deduction
After completing Lesson 5, you will be able to:
- Figure the amount that qualifies as home acquisition debt taking the limitations into consideration
After completing Lesson 6, you will be able to:
- Identify how to determine grandfathered debt.
After completing Lesson 7, you will be able to:
- Define a cooperative housing corporation