In January the mortgage company will send you a 1098 with the mortgage interest on it and the RE taxes if you pay it thru an escrow account.
What is Schedule A?
The IRS lets you take either the standard deduction or the itemized deduction. If you itemize, we'll automatically fill out Schedule A, Itemized Deductions and switch you over to the 1040 long form.
Schedule A lets you report certain deductible expenses like:
- Medical and dental costs above and beyond 7.5% of your AGI (10% starting in 2019)
- State, local, real estate, and personal property taxes (capped at $10K for 2018-2025)
- Home mortgage interest
- Charitable donations and gifts
Casualty losses (losses caused by a sudden, unexpected, or unusual event) to personal property are only deductible if covered by specific federal disaster declarations.
After you finish going through the Deductions & Credits section, we'll recommend whichever deduction – standard or itemized – gives you the biggest tax break. But you can always override our recommendation if you wish.
Schedule A is supported in the paid versions of TurboTax.
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