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turncay
New Member

Can I deduct the interest paid on my mortgage?

I paid $1820.26 in interest
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2 Replies
DawnC
Expert Alumni

Can I deduct the interest paid on my mortgage?

You can if you itemize, but not if you take the standard deduction.   Can I deduct mortgage interest?  

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Can I deduct the interest paid on my mortgage?

if the mortgage was secured by the property, then most likely yes. There are a lot of rules but Turbotax should take you through them as you complete the mortgage interest section under itemized deductions. However, you'll get no tax benefit unless all your itemized deductions exceed your standard deduction. Turbotax will optimize unless your filing status is married filing separately which requires both spouses to use the same method.

standard deduction based on filing status:

Single (2) or married filing separately (1) — $14,600.     
Head of household (2)— $21,900. 

Married filing jointly or qualifying surviving spouse (1) — $29,200. 

(1) additional $1,550 each if over 65 or blind

(2) additional $1,950 each if over 65 or blind

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