Knowledge Base

10589: 8396 - Mortgage Interest Credit

1040 Individual Data Entry

Where do I enter information from Form 8396?

Use screen 8396.

IRS instructions state (substitute XX for the current tax year and YY for the next tax year):

"Purpose of Form
Use Form 8396 to figure the mortgage interest credit for 20[XX] and any credit carryforward to 20[YY].

Who Can Claim the Credit
You can claim the credit only if you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified mortgage credit certificate program.

Homestead Staff Exemption Certificates, and certificates issued by the Federal Housing Administration, Department of Veterans Affairs, and Farmers Home Administration do not qualify for the credit.

The home to which the certificate relates must be your main home and also must be located in the jurisdiction of the governmental unit that issued the certificate. If the interest on the mortgage was paid to a related person, you cannot claim the credit."

For more information, see Publication 530, Tax Information for Homeowners, and Form 8396.

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