topic deductions in Deductions & credits

deductions

dobyman — Fri, 07 Feb 2020 17:13:03 GMT

My wife and I are retired and we own 2 mortgaged rental properties plus our home that is still mortgaged. We claim a huge loss on both income properties, 13% of our income to the church, and it still says its better to take the standard deduction. how can that be?

Re: deductions

HelenC12 — Fri, 07 Feb 2020 17:32:01 GMT

Your mortgages are on rentals and deducted on Schedule E not on your Schedule A personal Itemized Deductions.

Your Itemized Deductions have to exceed $27,000 if your filing Married Filing Jointly and both of you are 65 or over.

Re: deductions

dobyman — Fri, 07 Feb 2020 22:52:39 GMT

We are both 64. Does that change anything?

Re: deductions

LeonardS — Fri, 07 Feb 2020 23:11:21 GMT

No, nothing changes because you are 64. When you reach 65 you will receive a higher standard deduction.