I have heard that you can only deduct your mortgage interest if you itemize your deductions, but am not sure if that is correct.
2007-01-30 13:32:48 · 4 answers · asked by Sunshine528 2 in Business & Finance ➔ Taxes ➔ United States
You have a choice of itemizing, or taking the standard deduction. You can only deduct your mortgage interest if you itemize, since it's an allowable itemized deduction. So yes, what you heard was correct.
2007-01-30 13:37:40 · answer #1 · answered by Judy 7 · 2⤊ 1⤋
You can do standard OR itemize (like mortgage interest)
NOT both.
See the deductions on the back side of the 1040
http://www.irs.gov/
2007-01-30 21:39:40 · answer #2 · answered by kate 7 · 2⤊ 0⤋
You're right. You can itemize or use the standard deduction.
"Nusha" is wrong about the standard deduction being "audit proof." Nothing is audit proof.
2007-01-30 22:15:24 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋
That is correct. The standard deduction is audit proof as well.
2007-01-30 21:36:11 · answer #4 · answered by Nusha 5 · 0⤊ 4⤋