Can we deduct mortgage interest

[DoninGA]

Mortgage Interest paid in 2019 is entered as an itemized deduction on Schedule A.  Most taxpayers can no longer use itemized deductions due to the increase in the Standard Deduction.

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2019

• Single - $12,200 add $1,650 if age 65 or older
• Married Filing Separately - $12,200 add $1,300 if age 65 or older
• Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
• Head of Household - $18,350 add $1,650 if age 65 or older

To enter mortgage interest -

Enter mortgage interest in the Search box located in the upper right of the program screen.  Click on Jump to mortgage interest

[VolvoGirl]

Yes if you have enough total deductions to Itemize.

Enter Mortgage Interest, Points Paid & Property Tax  under

Federal Taxes (Personal in Home & Business version)

Deductions and Credits

Your Home

Mortgage Interest - Click the Start or Update Button

OR Property Taxes - Click the Start or Update Button

There is a new question or two you have to answer to get the mortgage interest deduction.  Like maybe put in your ending balance.  Make sure you answer that the loan is secured by the property.  Go back through that section.

For 2019 the standard deduction amounts are:

Single 12,200 + 1,650 for 65 and over or blind (13,850)

HOH 18,350 + 1,650 for 65 and over or blind

Joint 24,400+ 1,300 for each 65 and over or blind

Married filing Separate 12,200 + 1,300 for 65 and over or blind