Solved: My 1098 did nothing as far as a deduction this year, something I did wrong?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

My 1098 did nothing as far as a deduction this year, something I did wrong?

 
1 Best answer

Accepted Solutions
Highlighted
Level 10

My 1098 did nothing as far as a deduction this year, something I did wrong?

Most likely, you did not do anything wrong.  

Under the Tax Cuts and Jobs Act (TCJA), the new standard deductions are nearly double the previous amounts.  This means most people will not itemize.  If your itemized deductions, which include your mortgage interest, are less than the new standard deductions, your mortgage interest will not have an effect on your income tax return.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
Highlighted
Level 10

My 1098 did nothing as far as a deduction this year, something I did wrong?

Most likely, you did not do anything wrong.  

Under the Tax Cuts and Jobs Act (TCJA), the new standard deductions are nearly double the previous amounts.  This means most people will not itemize.  If your itemized deductions, which include your mortgage interest, are less than the new standard deductions, your mortgage interest will not have an effect on your income tax return.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Privacy Settings