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nahuatl71 Posts:1 2006-03-18 10:24:40 |
How much mortage interest can I deduct in my income tax return for the year 2005 in Texas? |
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| I am using turbo and I enter all my income paid for the mortgage loan, but when it comes back it shows less than what I entered. So I wonder if the mortage interest paid is 100% or is it an average up to some amount. At the end of the process my return is the same as what it was last year but the difference is that last year I did not own a house. So I think my refun should be more.
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TYSONBULLY Posts:3 2006-03-18 10:32:52 |
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| Deduct all of your mortgage interest. You should have gotten a tax statement from your mortgage company, use that # |
| delvinth Posts:1 2006-03-18 10:51:01 |
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| Mortgage Interest is deducted on Schedule A (if you can itemize). If the mortgage interest is less than your standard deduction ($5,000 for singles under 65 years of age and $10,000 for married couples filing jointly with both under 65 years of age), it will just use your standard deduction; otherwise, you should be able to deduct it.
Also, if you're Adjusted Gross Income (AGI) is above certain amounts, it will phase out itemized deductions and force you to take the standard deduction. Hope this helps. |
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