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New Member
posted Jan 24, 2020 10:13:34 AM

Can I deduct mortgage interest paid in 2019?

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1 Best answer
Employee Tax Expert
Jan 24, 2020 10:30:47 AM

Yes, if you itemize your deductions.

 

When you enter all your information into TurboTax, it will calculate the best deduction for you to use - either the standard deduction or itemized deduction.

 

You may benefit from itemizing your deductions on Schedule A if you:

  • Do not qualify for the standard deduction, or the amount you can claim is limited,
  • Had large out of pocket medical and dental expenses during the year,
  • Paid interest and taxes on your home,
  • Made large contributions to qualified charities, or
  • Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled.

 

1 Replies
Employee Tax Expert
Jan 24, 2020 10:30:47 AM

Yes, if you itemize your deductions.

 

When you enter all your information into TurboTax, it will calculate the best deduction for you to use - either the standard deduction or itemized deduction.

 

You may benefit from itemizing your deductions on Schedule A if you:

  • Do not qualify for the standard deduction, or the amount you can claim is limited,
  • Had large out of pocket medical and dental expenses during the year,
  • Paid interest and taxes on your home,
  • Made large contributions to qualified charities, or
  • Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled.