With $15K in mortgage interest, what should I expect to see for mortgage deduction?
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jash781
New Member

With $15K in mortgage interest, what should I expect to see for mortgage deduction?

It doesn't seem that between my property taxes and my mortgage interest, that much was reduced from my taxes owed.  

1 Reply
JulieCo
New Member

With $15K in mortgage interest, what should I expect to see for mortgage deduction?

It depends.  The standard deduction was increased substantially in 2018, therefore more taxpayers are not seeing any impact from itemized expenses on their returns. 

Plus, for property taxes, there is a limit of $10,000 for state and local taxes (SALT) to be deducted as itemized expenses in 2018.  This includes property taxes, plus any state income taxes withheld.

Also, mortgage interest is more restricted in 2018 to be allowed as an itemized deduction.  Interest relating to funds taken out from a HELOC or refinancing and used for other purposes is not deductible.  Plus there is a limit on the total amount of mortgage balances for which interest can be deducted.  If your interest is being totally excluded as an itemized deduction, double check that the mortgage interest form entered is marked that the mortgage is secured by a property that you own.

See more information below:

https://ttlc.intuit.com/replies/4848485

Information on the impact of 2018 Tax Reform:

https://ttlc.intuit.com/replies/6971774



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