Profile picture for user405999

Mortgage Deduction for "self-employed" individual paying quarterly taxes

I am currently "self employed" (actually a scientist paid through a fellowship) and pay my estimated taxes quarterly. I will be purchasing a home soon, and was wondering if I can apply the Mortgage Interest Deduction (and any other associated homeowner tax benefits) to my quarterly estimated tax payments, or do I have to wait until I file my annual return to get the deduction?
  • May 08 2012 - Columbia
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Answers (2)

Profile picture for wetdawgs
The mortgage interest deduction  comes into play when  you are able itemize your deductions.   With estimated taxes, you can certainly take into account this estimate for figuring out what you owe each quarter. 

Meeting with a tax accountant could help you come up with a new forecast for taxes owed, or if you use something like Turbotax you can go in and run some hypothetical scenarios (remembering that chances are good you won't buy a house until half way through the year so only have 1/2 year's interest).


  • May 09 2012
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Profile picture for AndreaSmolin
I'd suggest emailing your question to one of the highly rated lenders in our directory otherwise you might want to consult with a tax consultant. 
  • May 09 2012
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