topic Mortgage Interest in Deductions & credits

Mortgage Interest

IanCea — Tue, 30 Mar 2021 19:08:06 GMT

I have been using using turbo tax for several years, mortgage interest has been always deductible. I have no other home loan. Why is my morgage interest not deuctible, when I do my tax 2020?

Re: Mortgage Interest

DoninGA — Tue, 30 Mar 2021 19:10:26 GMT

Are the Total of all your itemized deductions on Schedule A greater than the Standard Deduction for your filing status?

Standard deductions for 2020

Single - $12,400 add $1,650 if age 65 or older
Married Filing Separately - $12,400 add $1,300 if age 65 or older
Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
Head of Household - $18,650 add $1,650 if age 65 or older

Re: Mortgage Interest

Carl — Tue, 30 Mar 2021 19:13:49 GMT

Mortgage interest on your primary residence, 2nd home or any other "personal use" real estate is a SCH A itemized deduction. Until the total of all of your "allowed" itemized deductions exceed your standard deduction, the itemized deductions have no impact on your tax liability.

Re: Mortgage Interest

IanCea — Tue, 30 Mar 2021 19:38:26 GMT

It looks like in Form 1098 ( mortgage int ) box 7 is not checked, so it may be the reason why it is not deductible. However, in 2019, my 1098 box 7 was not checked but still deductible. Did it changed in year 2020?