Question about mortgage interest and taxes?
- Asked By: MoneyTactics
- Category: Uncategorized
Ok, if you have a mortgage, do you get any kind of deduction or credit for the interest if you just use the STANDARD not itemized deductions?
My friend said that she got some kind of credit which increased her return because of her mortgage interest even though she just claimed the standard deduction. Every year that I file I just use standard deducton and don’t get any credit/deduction for the mortgage interest. Have I been missing something? Our mortgage interest doesn’t exceed the standard deduction.
twintwr2
Posted 3 months ago
Yes check with your tax preparer, you should be able to amend for that too. I agree with the first person
Audrey A
Posted 3 months ago
Do you have any other deductions you can itemize to make it above and beyond the standard deduction? Charitable contributions? Medical and dental payments? State income taxes or sales tax? Unreimbursed employee expenses?
If you take the standard deduction you don’t have the option of taking itemized deductions. Its one or the other. So, if your mortgage interest payment (along with all other legal itemized deductions) don’t add up to at least the standard deduction, then you should take the standard deduction.
Big Woof
Posted 3 months ago
If you are using the SD there is no other benefit from Mortgage Interest. See a tax professional and get it done correctly. You’ll save more money in the long run.
Other Questions
- Can I itemize my mortgage interest paid in my taxes?
- Do mortgage lenders pull credit reports multiple times during the refinance process?
- how do they calculate the mortgage payment with interest?
- How long after a foreclosure is there an auction?
- If mortgage tax & interest forms are only in my name but multiple owners can they file my forms under thir nam?
Ok, if you have a mortgage, do you get any kind of deduction or credit for the interest if you just use the STANDARD not itemized deductions?
My friend said that she got some kind of credit which increased her return because of her mortgage interest even though she just claimed the standard deduction. Every year that I file I just use standard deducton and don’t get any credit/deduction for the mortgage interest. Have I been missing something? Our mortgage interest doesn’t exceed the standard deduction.
- Can I itemize my mortgage interest paid in my taxes?
- Do mortgage lenders pull credit reports multiple times during the refinance process?
- how do they calculate the mortgage payment with interest?
- How long after a foreclosure is there an auction?
- If mortgage tax & interest forms are only in my name but multiple owners can they file my forms under thir nam?
twintwr2
Posted 3 months ago
Yes check with your tax preparer, you should be able to amend for that too. I agree with the first person
Audrey A
Posted 3 months ago
Do you have any other deductions you can itemize to make it above and beyond the standard deduction? Charitable contributions? Medical and dental payments? State income taxes or sales tax? Unreimbursed employee expenses?
If you take the standard deduction you don’t have the option of taking itemized deductions. Its one or the other. So, if your mortgage interest payment (along with all other legal itemized deductions) don’t add up to at least the standard deduction, then you should take the standard deduction.
Big Woof
Posted 3 months ago
If you are using the SD there is no other benefit from Mortgage Interest. See a tax professional and get it done correctly. You’ll save more money in the long run.
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iwishiweresomewhereotherthanhere
Posted 3 months ago
Yes you’ve been missing out. You can file amended returns for up to three years back I think! It may be worth you while to do the amended returns. Check with a tax preparer and see!