Mortgage Interest Worksheet

Taxpayer Information:

Tax Year: Taxpayer's Name:
Filing Status:
Instructions:
Complete a worksheet tab for all home-secured mortgages to determine the amount of interest paid is deductible on Schedule A.
Only include mortgages that are:
Do not use this worksheet if: But DO use this worksheet if either:
Acquisition debt - the amount taken to buy, build, or substantially improve a qualified home (your main or second ome) and secured by that home. This can include a home that was purchased 90 days before or after the loan date and any cost to build or substantially improve the home within 24 months before the date of the mortgage. The deduction will be limited if the average monthly balance exeeds certain amounts.

Grandfathered debt - the amount of a mortgage prior to October 14, 1987 secured by a qualified home. Interest on this mortgage is fully deductible for the duration of the term of the original loan, regardless of use, even if refinanced after that date. The deduction will be limited if the average monthly balance is $1,000,000 or more.

Home equity debt - the amount of a mortgage secured by a qualified home but not used to build or substantially improve the home. Such amount might have been used to purchase a car or pay credit card debt, for example. The deduction will be limited due to home equity debt unless grandfathered.

Substantial improvement - An improvement is substantial if it adds to the value of your home, prolongs your home's useful life, or adapts your home to new uses.
Mortgage Information:
Mortgage lender:
Mortgage date:
Mortgage term length: years.
Mortgage type: New or original mortgage Refinance of an earlier mortgage
Date of earlier mortgage:   
Term length of earlier mortgage:    years
Initial amount of earlier mortgage: $
Amount that was home equity debt: $
Balance of earlier mortgage when refinanced: $
Remaining home equity debt when refinanced: $
New mortgage inital amount: $
Home equity debt amount: $ (Enter additional home equity debt amount when refinanced)
Debt classification:
Acquisition debt amount: 0
Grandfathered acquisition debt amount: 0
Grandfathered home equity debt amount: 0
Home equity debt amount: 0
Interest paid this tax year: $ (Fully deductible unless debt limit is exceed)
Remaining balance: $
Mortgage Worksheet:
In the table below, enter each end-of-month mortgage balance. The home equity debt, if any, is reduced first. The result will be shown in the next section. Select your data entry option:
Use equal monthly payment of per month through to fill the table.
Enter each monthly mortgage balance from statements:
Mortgage balance Interest
APR: %
Acquisition debt Grandfathered debt Home equity debt Qualified interest
Mortgage balance on TBD 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Mortgage balance on TBD 0 0 0 0 0
Worksheet summary for all mortgages:
Monthly average balances
Mortgage lender Pre 12/16/17 Mortgage balance Acquisition debt Grandfathered debt Home equity debt Qualified interest
Total of averages:

Qualified Loan Limit:
Deductible Home Mortgage Interest:
Please send corrections and suggestions to jeff@bogarthome.net