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Santa Ana California Form 982: What You Should Know

If the residence is not your principal residence, you must exclude 25% of your income. Exemptions can be found in Section 3.6 of Form 902. If the residence is your principal residence. If your home of record is your principal residence, you can deduct: The interest of the mortgage, including any amount taken into or paid on the mortgage (including prepayment penalties, interest rate discount charges and foreclosure charges). The interest paid by your spouse's or owner's disability insurance plan. The mortgage interest paid or incurred on your home before your death or your eligibility for a refund or credit (if you later qualify for the refund or credit). The tax paid or waived on the mortgage interest (the interest the mortgage lender is required to pay under federal law in connection with the mortgage loan). Exemptions: The amount of your home mortgage interest exempt income, which is limited to the following amounts in the following amounts. Home mortgage interest amounts. Amounts paid or incurred to acquire or maintain the home. Qualified mortgage debt. Amounts paid or incurred to purchase real property. The amount that an owner of real property paid to the mortgagee. For the tax year in which the mortgage occurs, the percentage of the exempt amount for your principal residence divided by the total exempt amount for the income year that includes the taxable year. For instance, if a homeowner has an interest in his/her house of record that increases from 400,000 to 500,000 (in 2017), his/her mortgage interest is not considered eligible for mortgage credit, and therefore is not subject to the tax on interest. The amount of your home mortgage interest exempt income, which is limited to the following amounts in the following amounts. The interest of the mortgage, including any amount taken into or paid on the mortgage (including prepayment penalties, interest rate discount charges and foreclosure charges). The interest paid by your spouse's or owner's disability insurance plan. The mortgage interest paid or incurred on your home before your death or your eligibility for a refund or credit (if you later qualify for the refund or credit). The tax paid or waived on the mortgage interest (the interest the mortgage lender is required to pay under federal law in connection with the mortgage loan).

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