there was no change to my return when I add $1780.00 interest from my home equity loan,why not.
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Your home equity loan interest would be an itemized deduction. In order for the interest paid to increase your refund, all of your itemized deductions including mortgage interest, property taxes, medical expenses over 10% of your AGI, job expenses in excess of 2% of your AGI, and other schedule A items would need to be greater than your standard deduction.
The standard deductions are based on your filing status and are as follows
If your only Itemized deduction was your home equity loan interest, this would not be enough to surpass your Standard Deduction and would have no effect on your refund or tax due.
Your home equity loan interest would be an itemized deduction. In order for the interest paid to increase your refund, all of your itemized deductions including mortgage interest, property taxes, medical expenses over 10% of your AGI, job expenses in excess of 2% of your AGI, and other schedule A items would need to be greater than your standard deduction.
The standard deductions are based on your filing status and are as follows
If your only Itemized deduction was your home equity loan interest, this would not be enough to surpass your Standard Deduction and would have no effect on your refund or tax due.
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