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Hi! When it came to filing my house (my first) I got a notice saying it couldn't do the mortgage ins deduction yet pending congress and the new laws. What happened there?

I paid a decent chunk in interest and read online that up to $10,000 of that could be deducted. Turbotax said "if the tax break is approved, we'll help you get it" but I never got anything. Did anyone else get this notice?
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2 Replies

Hi! When it came to filing my house (my first) I got a notice saying it couldn't do the mortgage ins deduction yet pending congress and the new laws. What happened there?

You can deduct all your interest.  The 10,000 cap is on state taxes paid and property tax.  

Do you think you will have enough to itemize this year?  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".  SALT is State And Local Tax.  Which includes property tax, any state tax paid like for last year’s return and includes any state withholding from your W2s and any 1099s you have. And any taxes in W2 box 14 and 19 like SDI or VDI. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes.

And you can only deduct Medical that’s over 7.5% of your AGI.  Also the deduction for job expenses have been suspended.

FAQ on 2018 changes <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return">htt...>

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

Anonymous
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Hi! When it came to filing my house (my first) I got a notice saying it couldn't do the mortgage ins deduction yet pending congress and the new laws. What happened there?

maybe you can deduct all your interest.  if the mortgage is over $750,000 there will be limitations if it was taken out in 2018

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