JeffreyR77
Expert Alumni

Home loans

It depends. 

 

Mortgage interest and property taxes are deductible as itemized deductions if he has enough itemized deductions to exceed he and his wife's standard deduction ($24,800 this year). 

 

Property taxes are included with other state taxes such as income taxes and are limited to $10,000. 

 

If he and his wife do not have itemized deductions greater than their standard deduction, the mortgage interest and property taxes are not deductible anywhere else on their tax return.