Capture itemized information on mortgage interest
Kelley Maddox
For clients with mortgage over $750,000 on their primary residence, capture the following information in the questionnaire:
- Beginning and ending balance of mortgage: what the outstanding balance of the mortgage was at the start and end of the tax year. This information helps calculate the amount of interest paid over the year
- Itemized Deduction of Mortgage Interest: dclients can provide the exact amount of mortgage interest paid during the year that they intend to claim as an itemized deduction.