John figures the credit score by multiplying the mortgage curiosity he paid this yr ($5,400) by the certificate credit score price (25%) for a total of $1,350. The MCC reveals a credit rate of 25% and a licensed indebtedness amount of $130,000. The credit score is proscribed to $2,000 because the credit price is more than 20%. If your mortgage loan amount is the same as the licensed indebtedness amount proven on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage through the yr. If you itemize your deductions on Schedule A , you should reduce your own home mortgage interest deduction by the quantity of the mortgage interest credit shown on Form 8396, line 3.
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