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dobyman
Level 2
Feb 7, 2020 5:13 PM UTC
Question

deductions

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?

    3 replies

    HelenC12
    Alumni - Intuit
    Feb 7, 2020 5:32 PM UTC

    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.
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      dobymanAuthor
      Level 2
      Feb 7, 2020 10:52 PM UTC

      We are both 64.  Does that change anything?

      LeonardS
      LeonardS
      Alumni - Intuit
      Feb 7, 2020 11:11 PM UTC

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

      **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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