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.
FHA insures loans for one- to four-unit dwellings which you must occupy as a primary residence. Because the FHA makes owner occupancy a condition, you must take occupancy soon after closing on a purchase, with only a few exceptions. Time Frame For Move-In The FHA defines your principal residence as the property that you occupy for a majority of the calendar year. You must establish occupancy in a home with an FHA loan within 60 days of signing the security instrument -- a mortgage or deed of trust. The type of security instrument you sign varies by state and by lender.