deductions

[dobyman]

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?

[HelenC12]

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.

[dobyman]

We are both 64.  Does that change anything?

[LeonardS]

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