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Not every geographical area within a state is guaranteed to qualify for a MCC. To take advantage of the credit, you will need to fill out IRS form 8396, "Mortgage Interest Credit" and file it with.
You can then use this MCC to file Form 8396 with your taxes and claim a portion of the interest you pay as a credit, subtracting it from your total tax liability. While every potential purchaser can.
Form 8396 is an Internal Revenue Service (IRS) form for claiming the Mortgage Interest Credit deduction. Individuals who wish to claim mortgage interest credit on their taxes must file this Form. The credit helps lower- and moderate-income individuals afford homes.
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Claiming the credit. To claim the Mortgage Interest Tax Credit, you must first obtain Form 1098 from your mortgage company, which contains the amount of mortgage interest paid in the current year. Using Form 1098, you can complete Form 8396 and attach it to IRS Form 1040.
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Information about Form 8396, Mortgage Interest Credit, including recent updates, related forms and instructions on how to file. If you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified mortgage credit certificate program, use this form to figure your mortgage interest credit for the current year and any credit.
Texas Mortgage Credit Certificate Mortgage Credit Certificate Number . Issue Date Before you begin Part I, figure the amounts of any of the following credits you are claiming: Credit for the elderly or the disabled, alternative motor vehicle credit, and qualified plug-in electric drive motor vehicle credit.
All major tax situations are supported free. File free forms needed for self-employment, investments, rental income, education credits, home ownership and more. Income forms include W-2, 1099, Schedule C, Schedule E. Deduction and credit forms include 1098, 2441, EIC and many more.
I bought a house at the end of the year so only had one month I could claim interest as a deduction, so the standard deduction was higher. However I used the Mortgage Credit Certificate and have to file a IRS form 8396, but I can’t tell if I have to itemize in order to file it or not.
Form 1116 – Foreign Tax Credit; Form 2441 – Child and Dependent Care Credit; Form 5695 – Residential Energy Credits; Form 8396 – Mortgage Interest Credit; Form 8839 – Qualified Adoption Expenses; Form.