Need Help With Tax Advice

anyone here have experience tax code , mortgage interest deductions? i'm trying structure family loan , need advice.

more specifically, have 30-year mortgage of $119,200 getting through family member rather bank, able offer lower rate. rate have @ june federal applicable rate (long-term) of 4.05%, correct?

<http://www.irs.gov/pub/irs-drop/rr-11-13.pdf> - june 2011 far ruling link

mortgage structured thusly:

purchase price: $149,000
down payment: $29,800
original principal: $119,200
start date: june 23, 2011
first payment due: jule 23, 2011
annual interest rate: 4.05%
periods per annum: 12
late penalties: none
monthly payment: $572.52

paying own taxes , insurance rather having lender hold them in escrow.

doing note paperwork through title company , secured deed of trust registered county clerk.

lender file 1098 @ end of year , list interest payments on itemized deductions on annual tax return.

so, need know if need mortgage interest deduction. there else? much. i'm buying first home , bit overwhelming right now.

 

you need consult tax professional, not ask tax question on internet forum.

 

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