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One month of interest might not be enough to itemize deductions. Did you buy a new house?
The answer depends on whether the amount of mortgage interest you paid will make a difference between you using the Standard Deduction OR Itemizing.
The Standard Deduction for Tax Year 2022 are:
SINGLE $12,950
MARRIED FILING JOINTLY $25,900
MARRIED FILING SEPARATELY $12,950
HEAD OF HOUSEHOLD $19,400
ITEMIZING includes a portion of your Medical Expenses, Mortgage Interest, Charitable Contributions, and State Property Income taxes or( State Sales Tax) as well as possible losses and several other possible but not frequent deductions.
You have the option of using one or the other, STANDARD OR ITEMIZING.
If you think your total Itemized amount might be more that the Standard amount, it may be worth adding the small amount you paid in mortgage interest before selling your home. If you know the Standard Deduction is more, there is no reason to enter your mortgage interest into the TurboTax program.
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