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Section 3




Homeownership >  Mortgage Credit Certificate (MCC) > MCC Stand Alone




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bulletLength of Benefit


Each year, the mortgage tax credit will be calculated on the basis of 25 percent of the total interest paid on the mortgage loan that year. The MCC will be in effect for the term of the mortgage loan, so long as the residence remains the principal residence. In order to maintain the MCC the homebuyer can adjust their withholdings on their W-4 form with their employer and must file IRS Form 8396 with their federal income tax return. The form can be obtained from the IRS web site at www.irs.gov.


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