You may qualify for the Mortgage Interest Credit if you received a qualified Mortgage Credit Certificate (MCC).
A qualified MCC must be issued through a state or local government agency as part of an approved Mortgage Credit Certificate program. These programs are often designed to help eligible homebuyers reduce the cost of homeownership.
If you received an MCC, review the certificate carefully. You'll need information from the certificate to determine whether you can claim the credit on your tax return.
What Is a Mortgage Credit Certificate?
A Mortgage Credit Certificate allows eligible homeowners to claim a federal tax credit for a portion of the mortgage interest they paid during the year. The credit amount is based on the credit rate shown on the certificate.
Keep in mind that claiming the Mortgage Interest Credit may reduce the amount of mortgage interest you can deduct as an itemized deduction.
How Do I Know If My MCC Is Qualified?
Your MCC is generally qualified if it was issued by a state or local governmental unit or agency under an approved Mortgage Credit Certificate program. If you're unsure, check the certificate or contact the issuing agency for verification.