Please clarify your question.
- Your 1098 is the statement your bank sends you for your mortgage.
- Th take advantage oh a 1098 you will have to Itemize your deductions.
- You will never get 100% of the interest posted to the 1098, back.
- Please clarify if you do Itemize?
This can help clear up the deduction process.
- Mortgage Interest is considered an Itemized deduction .
- There are specific rules that determine what and how much those deductions contribute to the total.
- When all if the Itemized Deductions are accumulated, it is compared to the Standard Deduction.
- TurboTax will choose the one that gives the taxpayer the greatest advantage.
So, if your mortgage interest combined with other Itemized deductions is greater than your standard deduction, it will reduce your taxes.
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