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New Member

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

I am trying to determine if will I be able to deduct my mortgage interest in 2018 and beyond if I do not itemize deductions?

10 Replies
Level 15

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

You have to itemize your mortgage interest in 2017 and you will have to itemize your mortgage interest in 2018 and beyond.
New Member

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

what amount of mortgage interest will allow me to  do
itemize deductions
Level 15

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

New Member

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

No, you will still have to itemize to deduct mortgage interest.  Most other itemized deductions are disappearing, however, so it may be that, with the higher standard deductions, your mortgage interest may not be enough to make all your itemized deductions larger then the new standard deductions.  In that case, you will use the standard and lose your mortgage interest.

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New Member

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

I thought I saw a Turbo Tax pop-up that stated this deduction is still under review by "the government" and I will be notified if it is decided mortgage interest will be included as a deduction.  Did I read this correctly, and if so, should I wait to file my taxes?
New Member

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

I thought I saw a Turbo Tax pop-up that stated this deduction is still under review by "the government" and I will be notified if it is decided mortgage interest will be included as a deduction.  Did I read this correctly, and if so, should I wait to file my taxes?
Level 15

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

No...the thing that is uncertain is whether Congress will renew the deduction for private mortgage insurance (PMI)
So far they have not.  Mortgage interest is still deductible-=but the deduction is much harder to get because of the higher standard deductions.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
New Member

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

Thank you for answering so quickly!
New Member

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

I don't understand something. Last year I paid $4K in mortgage interest and it helped lower my due federal tax. This year, I paid about the same $4K in interest and nothing happens. The amount I owe in federal taxes doesn't change even if I put $0K in interest paid. (Box 1). Not sure I understand why this is happening.
Level 15

Will I be able to deduct my mortgage interests in 2018 if I do not itemize deductions?

Many taxpayers are surprised this year because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact.
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income.  It is not a refund 
2018 Standard Deductions:
Single   $12,000  (+ $1600 65 or older)
Married Filing Separately    $12,000  (+ $1300 65 or older)
Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)
Head of Household  $18,000  (+ $1600 65 or older
Look at line 8 of your Form 1040 to see your standard or itemized deductions.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**