Iowa Admin. Code r. 701-41.12

Current through Register Vol. 47, No. 5, September 4, 2024

Rule 701-41.12 - Deduction for home mortgage interest for taxpayers with mortgage interest credit

For tax years beginning on or after January 1, 1996, any taxpayer who had the mortgage interest credit on the federal return can claim a deduction on the Schedule A of the lA 1040 for all the mortgage interest paid in the tax year, including the mortgage interest that was not deducted on the federal return due to the mortgage interest credit.

This rule is intended to implement Iowa Code sections 4223. and 4229..