Questions & Answers
What is excess mortgage interest?
If the amount of home mortgage interest or qualified mortgage insurance premiums you deduct on Schedule A, Itemized Deductions, is limited, enter the part of the excess that qualifies as a direct or indirect expense. Do not include mortgage interest on a loan that did not benefit your home.
If you know you're taking the standard deduction, you will enter all the mortgage interest for the home used for your business as excess mortgage interest.
Note: Do NOT enter any amounts as excess mortgage interest if those amounts are also included as deductible mortgage interest.