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dtaxes897
New Member

I entered my mortgage interest and amount owed did not go down, what are reasons this is not deductible?

 
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2 Replies
DanaB
Expert Alumni

I entered my mortgage interest and amount owed did not go down, what are reasons this is not deductible?

It might be that you do not have enough to itemize to be over the Standard Deduction. The Standard Deductions amounts increased quite a bit for 2018 because of the new tax law. 

  • Single - $12,000
  • Married Filing Separately - $12,000
  • Married Filing Jointly - $24,000
  • Head of Household - $18,000

Possible itemized deductions are:

  • Medical and dental costs above and beyond 7.5% of your AGI 
  • State, local, real estate, and personal property taxes (capped at $10,000)
  • Home mortgage interest
  • Charitable donations and gifts

Please see this FAQ for additional information:

https://ttlc.intuit.com/replies/3302313


 

I entered my mortgage interest and amount owed did not go down, what are reasons this is not deductible?

If you are over the Standard Deduction, be sure to indicate that the mortgage is secured by the property.
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