Home mortgage interest is included for individuals most often on Schedule A to Form 1040. What...

Home mortgage interest is included for individuals most often on Schedule A to Form 1040. What are the limits on the deduction of home mortgage interest? What other items are deducted on Schedule A? When do taxpayers use Schedule A?

Expert Solution

You must itemize your deductions on Form 1040, Schedule A to claim mortgage interest. This means foregoing the standard deduction for your filing status—it's an either/or situation. You can itemize or you can claim the standard deduction, but you can't do both.The standard deduction for 2018 is $12,000 for individuals.

Schedule A also covers many other deductible expenses, however, including real estate property taxes, medical expenses, and charitable contributions. Sometimes all these add up to more than the standard deduction for your filing status, making it worth the time and effort to itemize your deductions. Otherwise, you'll save more tax dollars by skipping the home mortgage interest deduction and claiming the standard deduction instead.

Schedule A is a U.S. income tax form that is used by taxpayers to report itemized deductions, which can help reduce an individual's federal tax liability.

ekkarill92 answered 2 years ago

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Home mortgage interest is included for individuals most often on Schedule A to Form 1040. What...

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