Q&A of the Week August 30, 2023

Question

What is the Mortgage Interest Credit?

Answer

The Mortgage Interest Credit helps people with lower incomes afford home ownership. You may be eligible if you received a Mortgage Credit Certificate from the state or local government, and the home purchased will be your main home. 

Qualified individuals can claim the credit each year for part of the mortgage interest paid. To claim the Mortgage Interest Credit, you can complete IRS Form 8396.