These numbers total nearly $600 billion in 2014 and they are expected to increase modestly each year for the foreseeable future. Medicare constituted 14% of the $3 trillion federal budget in 2014, and Medicaid accounted for 9%.
Claiming Mortgage Interest on Schedule E. When you own a home or any other piece of real estate for investment purposes, you report your income and expenses on the Schedule E form.The IRS imposes no limitations on how much interest you can report as an expense against investment property income.ome mortgage interest is almost always deductible. While many people describe the home mortgage write-off as the greatest middle class tax loophole, it actually dates back to the original implementation of the tax code in 1913, when it only affected a small minority of the richest part of the country.
While it's easy to claim the PMI deduction, make sure you meet the requirements. First, note when you paid the mortgage insurance. The deduction is allowed only if you took out the mortgage on which you pay PMI on or after Jan. 1, 2007.ounted as interest. Many homeowners itemize deductions because their mortgage interest and property tax payments exceed the standard deduction amount they could claim. It's in the Interest You Paid section of your Schedule A that you'll find the private mortgage insurance deduction. It is claimed on line 13.