You are right---you can each claim up to $5000 of the $10,000 limit. But---did your itemized deductions exceed your standard deduction? You only get the amount of itemized deductions above the standard deduction amount.
Your standard deduction lowers your taxable income. It is not a refund.
2019 Standard Deduction Amounts
Single $12,200 (+ $1650 65 or older)
Married Filing Separate $12,200 (+ $1300 if 65 or older)
Married Filing Jointly $24,400 (+ $1300 for each spouse 65 or older)
Head of Household $18,350 (+ $1650 for 65 or older)
Look on line 9 of your 2019 Form 1040 to see your itemized/standard deduction amount
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
