If I wanted to deduct the full amount of mortgage interest on Schedule A, is that allowed?
That makes no sense, since your SCH A itemized deductions do not kick in until they exceed your standard deduction. Then, only the portion that exceeds your standard deduction is of any help.For a married couple filing joint, it would take at least $25,200 of itemized deductions before anything over that would help. I don't know of very many joint tax returns that can achieve that each and every year.
Where as your SCH E deductions are 100% deductible, regardless.
