Instructions For Schedule A (Form 1040) - Itemized Deductions

tract the amount shown on Form 8396, line

you deducted the real estate taxes in the

commodations including sleeping space,

earlier year and the deduction reduced your

toilet, and cooking facilities.

3, from the total deductible interest you

tax. See Recoveries in Pub. 525 for details

paid on your home mortgage. Enter the re-

If you

Limit on home mortgage interest.

on how to figure the amount to include in

sult on line 10.

took out any mortgages after October 13,

income.

1987, your deduction may be limited. Any

Line 11

additional amounts borrowed after October

If you did not receive a Form 1098 from the

13, 1987, on a line-of-credit mortgage you

Line 7

recipient, report your deductible mortgage

had on that date are treated as a mortgage

interest on line 11.

taken out after October 13, 1987. If you

Personal Property Taxes

refinanced a mortgage you had on October

If you bought your home from the recip-

13, 1987, treat the new mortgage as taken

ient, be sure to show that recipient’s name,

Enter the state and local personal property

out on or before October 13, 1987. But if

identifying number, and address on the

taxes you paid, but only if the taxes were

you refinanced for more than the balance of

dotted lines next to line 11. If the recipient

based on value alone and were imposed on

the old mortgage, treat the excess as a mort-

is an individual, the identifying number is

a yearly basis.

gage taken out after October 13, 1987.

his or her social security number (SSN).

Example. You paid a yearly fee for the

Otherwise, it is the employer identification

See Pub. 936 to figure your deduction if

registration of your car. Part of the fee was

number. You must also let the recipient

either (1) or (2) below applies. If you had

based on the car’s value and part was based

know your SSN. If you do not show the

more than one home at the same time, the

on its weight. You can deduct only the part

required information about the recipient or

dollar amounts in (1) and (2) apply to the

of the fee that was based on the car’s value.

let the recipient know your SSN, you may

total mortgages on both homes.

have to pay a $50 penalty.

1. You took out any mortgages after Oc-

If you and at least one other person

Line 8

tober 13, 1987, and used the proceeds for

(other than your spouse if filing jointly)

purposes other than to buy, build, or im-

were liable for and paid interest on the

Other Taxes

prove your home, and all of these mort-

mortgage, and the other person received the

gages totaled over $100,000 at any time

If you had any deductible tax not listed on

Form 1098, attach a statement to your re-

during 2011. The limit is $50,000 if mar-

line 5, 6, or 7, list the type and amount of

turn showing the name and address of that

ried filing separately. An example of this

tax. Enter only one total on line 8. Include

person. To the right of line 11, enter “See

type of mortgage is a home equity loan

on this line income tax you paid to a foreign

attached.”

used to pay off credit card bills, buy a car,

country or U.S. possession.

or pay tuition.

2. You took out any mortgages after Oc-

You may want to take a credit

Line 12

tober 13, 1987, and used the proceeds to

for the foreign tax instead of a

TIP

buy, build, or improve your home, and

deduction. See the instructions

Points Not Reported on

these mortgages plus any mortgages you

for Form 1040, line 47, for de-

Form 1098

took out on or before October 13, 1987,

tails.

totaled over $1 million at any time during

Points are shown on your settlement state-

2011. The limit is $500,000 if married fil-

ment. Points you paid only to borrow

ing separately.

money are generally deductible over the

Interest You Paid

life of the loan. See Pub. 936 to figure the

If the total amount of all mort-

amount you can deduct. Points paid for

Whether your interest expense is treated as

other purposes, such as for a lender’s serv-

gages is more than the fair mar-

investment interest, personal interest, or

ices, are not deductible.

ket value of the home,

business interest depends on how and when

additional limits apply. See

Refinancing.

Generally, you must deduct

you used the loan proceeds. See Pub. 535

Pub. 936.

for details.

points you paid to refinance a mortgage

over the life of the loan. This is true even if

Line 10

In general, if you paid interest in 2011

the new mortgage is secured by your main

that applies to any period after 2011, you

home.

Enter on line 10 mortgage interest and

can deduct only amounts that apply for

points reported to you on Form 1098 under

If you used part of the proceeds to im-

2011.

your social security number (SSN). If this

prove your main home, you may be able to

form shows any refund of overpaid interest,

deduct the part of the points related to the

do not reduce your deduction by the refund.

improvement in the year paid. See Pub. 936

Lines 10 and 11

Instead, see the instructions for Form 1040,

for details.

line 21. If you and at least one other person

If you paid off a mortgage

Home Mortgage Interest

(other than your spouse if filing jointly)

early, deduct any remaining

TIP

were liable for and paid interest on the

If you are a homeowner who

points in the year you paid off

mortgage, and the interest was reported on

received assistance under a

the mortgage. However, if you

TIP

Form 1098 under the other person’s SSN,

State Housing Finance Agency

refinanced your mortgage with the same

report your share of the interest on line 11

lender, see Mortgage ending early in Pub.

Hardest Hit Fund program or an

(as explained in the line 11 instructions).

936 for an exception.

Emergency Homeowners’ Loan program,

If you paid more interest to the recipient

see Pub. 530 for the amount you can deduct

than is shown on Form 1098, see Pub. 936

on line 10 or 11.

to find out if you can deduct the additional

Line 13

A home mortgage is any loan that is

interest. If you can, attach a statement ex-

secured by your main home or second

Mortgage Insurance

plaining the difference and enter “See at-

home. It includes first and second mort-

tached” to the right of line 10.

Premiums

gages, home equity loans, and refinanced

If you are claiming the mort-

Enter the qualified mortgage insurance pre-

mortgages.

gage interest credit (for holders

miums you paid under a mortgage insur-

A home can be a house, condominium,

of qualified mortgage credit

ance contract issued after December 31,

certificates issued by state or lo-

cooperative, mobile home, boat, or similar

2006, in connection with home acquisition

property. It must provide basic living ac-

cal governmental units or agencies), sub-

debt that was secured by your first or sec-

A-6

Instructions For Schedule A (Form 1040) - Itemized Deductions - 2011 Page 6

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