Will I be able to claim interest on my home next year

[Critter]

Due to the increase in the standard deduction starting in 2018 fewer people will be able to itemize deductions.

[DeniseF1 · Accepted solution]

If you are both on the loan and the property, you can claim the mortgage interest that you paid.

If you itemize your deductions on schedule A, you can take a deduction for the amount of mortgage interest paid in 2018. Proceed to the following areas within TurboTax to enter your mortgage interest paid:

1. Click on the Federal Taxes tab at the top.

2. Select the "Deductions and Credits" tab. Then select "I will choose what I work on." -or-"Explore more tax breaks", then, "Jump to a Full List"

3. Scroll down to the "Your Home" section, then click Start to the right of "Mortgage Interest and Refinancing." 

4. This is where you will be able to enter in your lender information and answer the questions that follow.