My property taxes (less than 10k) and mortgage interest exceeded $24,000 (married jointly), not including charitables. Why did I still get standard deduction?

[Vanessa]

What were your other deductions?

[leeschmeer]

We only had mortgage interest, prop taxes of about $7k, and charitable contributions.  Totaled about $30k.

[Vanessa]

Was your mortgage interest limited because of equity or too high of a loan balance?  Were your charitable donations limited?  Did you select choose Standard Deduction instead?

[hereford_3]

The property taxes and mortgage interest are deducted from your Gross Income. Once these and other applicable deductions are subtracted from your Gross Income, you have an Adjusted Gross Income. When the appropriate amount of tax is assessed, TurboTax evaluates whether you have enough Itemized deductions that amount to more than the $24,000. The Mortgage interest and Property taxes do not fall under Itemized Deductions so they do not factor towards the $24,000 (which is actually in your favor).

[leeschmeer]

My AGI equals my wages salaries tips and dividends, so it doesn’t appear prop tax/mortgage interest/charitable factored into AGI.  I’m not a tax whiz obviously but every google search lists those items as itemized deductions.

[SweetieJean]

Be sure to indicate that the mortgage is secured by the property.

[SweetieJean]

@hereford_3  What you describe is taxable Income, not AGI.

[hereford_3]

Please bear with me as taxes are not my forte'. So when you sell stock, they don't consider your Cost Basis of what you paid for it, they tax you on the total amount? Thank you for your help.

[Critter]

Simplest way to say this ... when you sell stock  you get to net out the cost basis to get the profit or loss on the sale.  

Buy for 100 sell for 200 = 100 profit

If your broker's statement doesn't have the cost basis or holding period on it already  then YOU have to enter it in the program yourself.