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Deductions & credits
Of course you can enter your mortgage interest as an itemized deduction on Schedule A.
However, many taxpayers will no longer need to itemize since the Standard Deduction have increased.
Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2018
- Single - $12,000 add $1,600 if age 65 or older
- Married Filing Separately - $12,000 add $1,300 if age 65 or older
- Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older
- Head of Household - $18,000 add $1,600 if age 65 or older
‎June 3, 2019
4:28 PM