@mbowen148 wrote:
Thank you for your help, I appreciate it. To be clear, I won't be able to deduct my mortgage interest unless it exceeds the dollar amount shown in your reply?
Your mortgage interest plus all other itemized deductions reported on Schedule A must be greater than the Standard Deduction for your filing status to have any tax benefit on your tax return.
Standard deductions for 2019
- Single - $12,200 add $1,650 if age 65 or older
- Married Filing Separately - $12,200 add $1,300 if age 65 or older
- Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
- Head of Household - $18,350 add $1,650 if age 65 or older
