2007-05-07 12:01:50 · 5 answers · asked by creedmoor1875 2 in Business & Finance ➔ Taxes ➔ United States
No, you have a choice of itemizing deductions, listing such items as mortgage interest and real estate taxes, or taking the standard deduction. The standard deduction is an amount that's given to you automatically without having to prove anything. If you have MORE than that number in itemized deductions, then you list them instead ("itemize"). Not both.
2007-05-07 14:40:05 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
No- you either get the standard deduction OR you can itemize and deduct your mortgage interest. Unless your mortgage fairly large, mortgage interest alone won't be enough to make it worth itemizing (even in the first few years), though most tax programs will analyze both options and help you select whether you should itemize.
2007-05-07 19:10:50 · answer #2 · answered by Heather H 2 · 0⤊ 2⤋
No, you have a choice to Itemize your deductions OR take the Standard Deduction, you can not do both
2007-05-07 19:09:51 · answer #3 · answered by Rob 7 · 1⤊ 1⤋
NO....its an either/or thing. You can take the standard deduction or you can itemize, but you cant do both.
2007-05-07 19:55:08 · answer #4 · answered by stilhdr1963 3 · 0⤊ 1⤋
Nope.
2007-05-07 19:08:45 · answer #5 · answered by Tony 2 · 0⤊ 1⤋