A chattel mortgage is a loan used to purchase an item of movable personal property, such as a vehicle, which then serves as security for the loan. This part explains what you can deduct as home mortgage interest.It includes discussions on points and how to report deductible interest on your tax return. If you have multiple 1098 mortgage forms, you'll enter them one at a time. After going through the steps with the first one, you can add a lender. The revised Form MT15, Mortgage Recording Tax Return, will be available at the beginning of January 2025. Mortgage points are a way to lower your mortgage interest rate for a fee. Here's how they work and when to buy them. A chattel mortgage is a loan that's secured against a movable asset. This article provides an overview of these laws and discusses compliance requirements that apply to the purchasers of residential mortgage loans.