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John figures the credit score by multiplying the mortgage interest he paid this 12 months ($5,400) by the certificate credit score fee (25%) for a complete of $1,350. The MCC shows a credit score fee of 25% and a licensed indebtedness quantity of $130,000. The credit score is restricted to $2,000 as a result of the credit score rate is more than 20%. If your mortgage loan amount is equal to the certified indebtedness quantity proven on your MCC, enter on Form 8396, line 1, all the curiosity you paid in your mortgage through the year. If you itemize your…
