If one individual paid the interest then that person can claim the interest. If two individuals paid the interest then they can claim the amount that they each paid. Interest can only be deducted if you itemize your deductions on Schedule A. If you take the standard deduction then you can not claim the interest you paid.
The standard deductions for 2019 are.
- Single - $12,200 add $1,650 if age 65 or older add.
- 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.
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