Why can't I deduct my mortgage interest?

I entered it and got no change in my refund??
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    Will this help clarify it?

    If you are able to itemize you just get a percentage of your deductions back. Like if you are in the 25% tax bracket for a $100 deduction you will get $25. It isn't added on to your refund. Deductions reduce your income so you get taxed on a lower amount.

    Your total itemized deductions have to be more than the standard deduction to get any benefit from them. Just enter all your itemized deductions in. The program will use whichever is larger - standard or itemized.

    For 2011 the standard deduction amounts are:
    Single 5,800 + 1,450 for over 65
    HOH 8,500 + 1,450 for over 65
    Joint 11,600 + 1,150 for each over 65
    Married filing Separate 5,800 + 1,150 for over 65
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      Mortgage interest is just one of several itemized deductions.  The total of all itemized deductions must be greater than your standard deduction to be of any tax benefit.  The standard deduction is:

      Single or MFS -- $5,800
      MFJ -- $11,600
      HOH -- $8,500
      • I'm still confused.... Does this mean that if we paid less than $11,600 in interest on our mortgage that we don't get ANY benefit? We co-bought the house with another party. If, for instance, this year we end up paying $20,000 total in interest, and split the deduction 50/50, that means that since I'm married filing jointly, I wouldn't get the tax benefit???
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      nickwax -- Whoa, you're really headed in the wrong direction.  You don't split the interest if you file jointly.  Married filing jointly means including both spouses on one return, not separating them into two separate returns, which would be Married Filing Separately.  And if you did file separately, the standard deduction as noted above is $5,800, not $11,600.  And not each itemized deduction must exceed the standard deduction, but the total of all itemized deductions.
      • Sorry, that's not what I meant.... My wife and I are 2 of 3 parties who own ONE house. We definitely file jointly, but we only own half of the house. It's the 3rd person who owns the other half.  I hope that will clarify my question.
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