Qualifying for the Mortgage Interest Deduction. Mortgage interest includes that which you pay on loans to buy a home, on home equity lines of credit and on construction loans. The deduction is limited to interest paid on your main home and/or a second home. Interest paid on a third or fourth homes isn't deductible.
The statute of limitations on how far back the IRS can audit (called the Assessment Statute Expiration Date or ASED) varies depending upon the circumstances of the tax return. In most cases the IRS will not go back more than 3 years unless there is something very wrong with the tax return that was filed.
Usually, it takes 4-6 weeks for the IRS to process your income tax return. Longer if filed during March and April. The IRS has 3 years from the due date to audit you.Usually, after about 2 years after filing, you may get an audit letter.How long does the examination division give a taxpayer to set an audit appointment? The audit letter will request that you call them as soon as possible to set up an appointment. They will give you an exact date and time that you must call by.onger if filed during March and April. The IRS has 3 years from the due date to audit you. Usually, after about 2 years after filing, you may get an audit letter.