1349445
You'll need to sign in or create an account to connect with an expert.
You will enter the mortgage interest amount that you actually paid for the year.
How do I know how much I paid? There’s only one amount on 1098 that we share. Then do I just enter half of loan on next question?
If you itemize your deductions you will deduct the amount that you actually contributed towards the payments. You will need to work with your co-owner to determine the amount that each of you contributed towards the amount reported on Form 1098
However, you will not deduct mortgage on your tax return if you do not itemize your deductions and take the standard deductions.
Standard deductions for 2019
Single - $12,200 add $1,650 if age 65 or older add
Married Filing Separately - $12,200 add $1,300 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,650 if age 65 or older
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
dlam123
Level 2
w_dye
New Member
w_dye
New Member
susan-stigant
New Member
PoconoRick
Returning Member