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Ar 600-106 Form: What You Should Know

Jun 8, 2024 — You cannot deduct mortgage interest points paid for a purchase of your principal residence because the purchase occurred after the due date of Form 1098. Jun 16, 2024 — No penalty for the filing of a prior year's mortgage interest statements on a single mortgage (or other qualifying interest on which you have already paid off the mortgage). Box 7: Mortgage Interest on Acquisition of Principal Residence. This box shows the amounts of mortgage interest that must be reported on a single purchase of a principal residence (also called a qualified mortgage). For information about how to complete this box, see the instructions for Schedule F, lines 1 and 2. Boxes 8 and 9. These include other mortgage interest payments you made on the acquisition of your residence. If you paid down the principal and interest, these will be called interest payments from down payment. Form 1098-D: Mortgage Interest Statement and How to File The total of the amounts shown in Box 5, the amount by which the principal amount exceeds the mortgage payment, and the total of all points paid on the acquisition of the residence, plus the total of all interest payments on the acquisition of the residence. The total for mortgage interest is called the balance on a qualifying mortgage. This balance includes all amounts paid on qualified mortgages, interest paid on any prior acquisition of your residence, other expenses related to the purchase of your residence (such as mortgage insurance and homeowner association dues), deferred interest and other amounts you paid on your principal residence on the acquisition. This balance also includes the balance on a prior acquisition of your residence but the amount by which the principal amount exceeds the purchase price for the purchase of the residence. Boxes 12 through 29. These are the interest portions of the balance. Box 35: Nonqualifying Margin. If the balance on your qualifying mortgage exceeds your purchase price, you have a nonqualifying margin. Nonqualifying margins are recorded for each sale or exchange of the residence which did not result in a sale or exchange at fair market value. For more information, see Nonqualifying Margin. Directly after you fill in box 1, 2, 3 or 13 for your Form 1098, take out and complete the Schedule A attached to the Form 1098 and mail it to the address shown on the form. Complete and mail the form to the Internal Revenue Service Box (I-404) at this address.

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