topic Home interest deductions--how to report? in Deductions & credits

Home interest deductions--how to report?

finery — Tue, 23 Jun 2020 19:01:12 GMT

Is is required to report home interest and mortgage payments or can I skip that if I don't care if I don't get the refund from that?

Re: Home interest deductions--how to report?

DoninGA — Tue, 23 Jun 2020 19:09:05 GMT

Mortgage interest is deductible as an itemized deduction. You can skip entering the interest if you know you are only eligible for the standard deduction.

Re: Home interest deductions--how to report?

Opus 17 — Tue, 23 Jun 2020 19:13:34 GMT

That's an interesting question. Generally speaking, you should take all deductions and credits allowed to you. If you skip taking some deductions in order to make your income look bigger (maybe you don't mind paying more tax because a bigger income will help you qualify for loans or other tax credits) that may be considered fraud.

Although it is also true that if you know you can't take the itemized deduction, you don't need to waste time entering the items. Turbotax's design philosophy is that you should enter everything and let the program decide.