No, not necessarily. Mortgage interest and property taxes are Itemized Deductions. Your Itemized Deductions have to be greater than your Standard Deduction to have an impact on your refund or amount due.
The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked.
For 2016, see the screenshot below of the IRS 2016 Standard Deduction Tables to find your standard deduction.
After adding up your itemized deductions, you need to make sure the total is greater than the standard deduction for your filing status. If it’s not, then you will actually pay more in tax if you itemize.
Additional information:
What Are Standard Tax Deductions? - TurboTax Tax Tips & Videos
What Are Itemized Tax Deductions? -
TurboTax Tax Tips & Videos
No, not necessarily. Mortgage interest and property taxes are Itemized Deductions. Your Itemized Deductions have to be greater than your Standard Deduction to have an impact on your refund or amount due.
The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked.
For 2016, see the screenshot below of the IRS 2016 Standard Deduction Tables to find your standard deduction.
After adding up your itemized deductions, you need to make sure the total is greater than the standard deduction for your filing status. If it’s not, then you will actually pay more in tax if you itemize.
Additional information:
What Are Standard Tax Deductions? - TurboTax Tax Tips & Videos
What Are Itemized Tax Deductions? -
TurboTax Tax Tips & Videos