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Home interest deductions are not deducting? I added the property taxes and it hit the limit, but the interest don't give me a deduction?

 
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2 Replies

Home interest deductions are not deducting? I added the property taxes and it hit the limit, but the interest don't give me a deduction?

Others have reported this, and TT has been advised.
TomK
Expert Alumni

Home interest deductions are not deducting? I added the property taxes and it hit the limit, but the interest don't give me a deduction?

The Tax Cuts and Jobs Act of 2017 nearly doubled the standard deduction amount for tax years 2018 through 2025 (read more here).

In addition, the SALT deduction (state, local, property, and sales tax) is now capped at $10,000 ($5,000 for couples filing separately), whereas in prior tax years there was no cap.

As a result of these and other tax law changes, our estimate is that nearly 90% of tax filers will now be taking the higher standard deduction, up from around 70% last year. And if you're in the 90% group, you won't see a change in your refund after entering your mortgage interest and property taxes.

Please read this TurboTax FAQ for information on “Why didn't my mortgage or property taxes increase my refund?”: Why didn't my mortgage or property taxes increase my refund?

Please read this TurboTax FAQ for additional information on "How do I change from the standard deduction to itemized (or vice-versa)?": How do I change from the standard deduction to itemized (or vice-versa)?

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