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Can I deduct the property tax and mortgage interest for my main house on 2018
I pay about $14,000 of mortgage interest and $3500 of property taxes and I still got the standard deduction. At what limit can I start getting a deduction?
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June 3, 2019
5:39 PM
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Deductions & credits
When the total of all your itemized deductions is greater than the standard deduction for your filing status -
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
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
5:39 PM
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Deductions & credits
Yes, but be aware that the Standard deduction for 2018 is 12,000 single and 24,000 married filing jointly.
The mortgage interest may be limited because of the new tax laws
State taxes claimed is also limited to 10,000.
June 3, 2019
5:39 PM