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It depends. If you have an amortization schedule to show the amount of mortgage interest paid, then the amount will be reported there. This is considered a seller financed situation. The seller must report the interest income and the buyer can deduct the home mortgage interest.
If your itemized deductions are higher than the standard deduction you will want to add your interest. Other most common deductions are real estate tax, school tax, local or state income tax, contributions.
Standard Deduction Amounts:
For single taxpayers and married individuals filing separately, the Standard Deduction is $13,850 in 2023.
For married couples filing jointly is $27,700, and
For heads of households, the Standard Deduction is $20,800
If you're at least 65 years old or blind, you can claim an additional deduction in 2023 of:
If you're both 65 and blind, the additional deduction amount is doubled.
If you paid more than $600 in interest, then the seller is required to send you Form 1098. Don't be concerned if you don't have it as long as you have the schedule of payments showing principal and interest.
Report mortgage interest using the steps below.
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