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dremkes
New Member

Entered mortgage interest: $12,663 on secured primary residence refinanced in 2016;no money ever taken out.Why isn't is showing up as deductible? Just updated TT Deluxe.

standard 1088 form: outstanding mortgage of $434,084 on 1/1/2018; ending balance of $407,798.

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Critter
Level 15

Entered mortgage interest: $12,663 on secured primary residence refinanced in 2016;no money ever taken out.Why isn't is showing up as deductible? Just updated TT Deluxe.

Do you think you will have enough to itemize this year?  Until you enter enough deductions to itemize you will not see the benefit. 

This year the Standard Deduction will be doubling so many people will be switching to the Standard Deduction.  And there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".

FAQ on 2018 changes 
https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return 

For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over or blind
HOH 18,000 + 1,600 for 65 and over or blind
Joint 24,000+ 1,300 for each 65 and over or blind
Married filing Separate 12,000 + 1,300 for 65 and over or blind 


View solution in original post

1 Reply
Critter
Level 15

Entered mortgage interest: $12,663 on secured primary residence refinanced in 2016;no money ever taken out.Why isn't is showing up as deductible? Just updated TT Deluxe.

Do you think you will have enough to itemize this year?  Until you enter enough deductions to itemize you will not see the benefit. 

This year the Standard Deduction will be doubling so many people will be switching to the Standard Deduction.  And there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".

FAQ on 2018 changes 
https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return 

For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over or blind
HOH 18,000 + 1,600 for 65 and over or blind
Joint 24,000+ 1,300 for each 65 and over or blind
Married filing Separate 12,000 + 1,300 for 65 and over or blind 


View solution in original post

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