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Sold house at beginning of year dont know if i will get 1098, should i put in for mortgage deduction?

 
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2 Replies

Sold house at beginning of year dont know if i will get 1098, should i put in for mortgage deduction?

One month of interest might not be enough to itemize deductions.   Did you buy a new house?

KrisD15
Employee Tax Expert

Sold house at beginning of year dont know if i will get 1098, should i put in for mortgage deduction?

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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