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Spokane Valley Washington Form Instructions 8801: What You Should Know

You will not need to download any software. The instructions are also in our online guide. Please download your form by clicking the form below. Form 8888 — Residential Mortgage Interest Deduction Form 8888-B is an alternative method for individuals, estates, trusts, or corporations to save on mortgage interest.   Form 8888-B.pdf — Download PDF Taxpayers may receive an adjusted gross income of 600,000 for married couples, 400,000 for single filers or 200,000 for heads of households (all 2022 and later taxable income amounts) and qualify for a maximum tax credit of 5,350 (the maximum credit is reduced for taxpayers who itemize deductions and are married filing separately). The tax savings from the mortgage deduction can be applied in any of the following ways: (1) If the taxpayer was an individual and had a total income of 12,000,000 in one taxable year, the deduction is 5,350 and the additional tax paid is 1,800 (in 2018). (2) If the taxpayer was, was an estate, or was a trust, and had a total income of 12,000,000 in one taxable year, the deduction is 5,350 and the additional tax paid is 1,800. Taxpayers can use the following methods in addition to the original methods to make the maximum mortgage deduction: (1) The deduction can be used for all mortgage payments made before May 18, 2018, and the mortgage has not been sold; (2) The deduction can be used for all mortgages that have a remaining balance that does not exceed 2.5 times the borrower's adjusted gross income in any particular year; (3) The deduction can be used for mortgage payment payments of 10 percent or more of the borrower's adjusted gross income in any particular year; (4) The deduction may be used in full or in part for any property held for investment purposes or any real estate loan; (5) If you were married for more than one year, you may be able to exclude all mortgage interest paid or accrued on property with a remaining balance that exceeds three times your gross income for that year.

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