Mortgage Interest

Forum|Forum|5 years ago
March 30, 2021
2 replies
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I have been using using turbo tax for several years, mortgage interest has been always deductible. I have no other home loan. Why is my morgage interest not deuctible, when I do my tax 2020?

DoninGA

Level 15

Are the Total of all your itemized deductions on Schedule A greater than the Standard Deduction for your filing status?

Standard deductions for 2020

Single - $12,400 add $1,650 if age 65 or older
Married Filing Separately - $12,400 add $1,300 if age 65 or older
Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
Head of Household - $18,650 add $1,650 if age 65 or older

Carl

Level 11

Mortgage interest on your primary residence, 2nd home or any other "personal use" real estate is a SCH A itemized deduction. Until the total of all of your "allowed" itemized deductions exceed your standard deduction, the itemized deductions have no impact on your tax liability.

IanCeaAuthor

Level 2

It looks like in Form 1098 ( mortgage int ) box 7 is not checked, so it may be the reason why it is not deductible. However, in 2019, my 1098 box 7 was not checked but still deductible. Did it changed in year 2020?