Mortgage interest paid, property taxes paid and mortgage insurance paid are all entered on Form 1040 Schedule A as itemized deductions. If the total itemized deductions on Schedule A are less than the standard deduction for your filing status then the itemized deductions will not be used and Schedule A will not be included with your tax return.
Standard deductions for 2016
- Single - $6,300 add $1,550 if age 65 or older
- Married Filing Separately - $6,300 add $1,250 if age 65 or older
- Married Filing Jointly - $12,600 add $1,250 for each spouse age 65 or older
- Head of Household - $9,300 add $1,550 if age 65 or older