IRS Publication 936


DEFINITION of 'IRS Publication 936'

A document published by the Internal Revenue Service (IRS) that provides information on deducting home mortgage interest. Mortgage interest deductions are considered itemized deductions. IRS Publication 936 explains what can be deducted as mortgage interest, how to claim the deduction and limitations on the total amount that can be deducted. Types of mortgage interest that can be considered for the deduction include second mortgages, home equity loans and lines of credit.

BREAKING DOWN 'IRS Publication 936'

In order to qualify for the deduction, the taxpayer must fill out Schedule A of Form 1040 and be legally liable for the mortgage. If the taxpayer is not legally liable for paying the mortgage, the mortgage interest cannot be deducted. The debt must also be secured debt.

  1. Mortgage

    A debt instrument, secured by the collateral of specified real ...
  2. IRS Publication 523

    A document published by the Internal Revenue Service (IRS) that ...
  3. Points

    1. A 1% change in the face value of a bond or a debenture. 2. ...
  4. Secured Debt

    Debt backed or secured by collateral to reduce the risk associated ...
  5. Itemized Deduction

    A deduction from a taxpayer's taxable adjusted gross income that ...
  6. Schedule A

    A U.S. income tax form used by taxpayers to report itemized deductions, ...
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