topic Why is my mortgage interest deduction so much less this year than last year. I live in the same house and have the same mortgages in Get your taxes done using TurboTax

Why is my mortgage interest deduction so much less this year than last year. I live in the same house and have the same mortgages

jmorgan5555 — Mon, 28 Sep 2020 23:19:51 GMT

Re: Why is my mortgage interest deduction so much less this year than last year. I live in the same house and have the same mortgages

xmasbaby0 — Mon, 28 Sep 2020 23:23:59 GMT

Did you notice that your standard deduction nearly doubled for 2018 and beyond?

It is going to very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher. Your home ownership may not have any effect on your tax due or refund,

Standard Deduction
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

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

Re: Why is my mortgage interest deduction so much less this year than last year. I live in the same house and have the same mortgages

VolvoGirl — Mon, 28 Sep 2020 23:27:58 GMT

And compare your 1098 mortgage interest forms for each year. Your interest should be going down each year as you pay down the principal amount.

Re: Why is my mortgage interest deduction so much less this year than last year. I live in the same house and have the same mortgages

fanfare — Mon, 28 Sep 2020 23:35:50 GMT

maybe you filed wrong last year.

Re: Why is my mortgage interest deduction so much less this year than last year. I live in the same house and have the same mortgages

Anonymous — Tue, 29 Sep 2020 01:12:36 GMT

or you made some mistake in entering interest for this year. the easiest way to see would be to pull out the 1098 for 2018 and compare it to the 1098 for 2019.