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Level 2

Question

deductions

Forum|Forum|6 years ago
February 7, 2020
1 reply
4 views

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?

Level 15

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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Level 2

We are both 64. Does that change anything?

Level 14

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

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