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New Member
posted Jun 1, 2019 9:57:55 AM

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

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1 Best answer
Expert Alumni
Jun 1, 2019 9:57:57 AM

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.  

1 Replies
Expert Alumni
Jun 1, 2019 9:57:57 AM

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.