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Where do I enter outstanding mortgage principal

is outstanding principal deductible
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AndreaG
New Member

Where do I enter outstanding mortgage principal

No the principle is not deductible but if you qualify to itemize your deductions, you can deduct the mortgage interest if you meet the requirements. 

To itemize your deductions, you would have to have personal expenses such as medical and dental expenses, mortgage interest, real estate taxes, unreimbursed job expenses and certain miscellaneous expenses, and charitable contributions that when combined together, total more than your standard deduction. For example if you file single, your standard deduction is $6300 so you would have to have personal expenses that total more than $6300.

Please refer to the following FAQ to learn more. https://ttlc.intuit.com/replies/3300473

https://ttlc.intuit.com/replies/4793767

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1 Reply
AndreaG
New Member

Where do I enter outstanding mortgage principal

No the principle is not deductible but if you qualify to itemize your deductions, you can deduct the mortgage interest if you meet the requirements. 

To itemize your deductions, you would have to have personal expenses such as medical and dental expenses, mortgage interest, real estate taxes, unreimbursed job expenses and certain miscellaneous expenses, and charitable contributions that when combined together, total more than your standard deduction. For example if you file single, your standard deduction is $6300 so you would have to have personal expenses that total more than $6300.

Please refer to the following FAQ to learn more. https://ttlc.intuit.com/replies/3300473

https://ttlc.intuit.com/replies/4793767

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