IRS Publication 936

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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.

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Mortgage

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  2. IRS Publication 523

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  3. Secured Debt

    Debt backed or secured by collateral to reduce the risk associated ...
  4. Points

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  5. Itemized Deduction

    A deduction from a taxpayer's taxable adjusted gross income that ...
  6. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
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