My tax deductions on my real estate property are ~$1500...the std deduc. is higher...can i use it next year?

Question

My deductions including mortgage interest, utilities, mortgage insurance, home owners insurance, repairs and materials only totalled $1500 this year. Since the standard deduction is more, can I itemize these costs next year?

Answer 1

you are in the Us, I assume?

***
If this is an investment property, the expenses go on Schedule E, not on schedule A. You would also get to claim depreciation on the property.

If this is not an investment property, you'll be better off taking the standard deduction [unless you have other large deductible items such as state income taxes]. In that case, the deductions for your non-investment property are foregone. You do not have to make the same itemized or standard decision next year.

[Some of the items you cite are not deductible if the property is not an investment property -- utilities, insurance, repairs, materials, etc. are ONLY deductible if the property is held as an investment and is NOT your personal residence.]

Answer 2

as much as they're allowed to. you spot right here persons is a robust reason for the Tea occasion flow, is a Tax improve on a abomination pronounced as well-being Care placed on the backs of the wealthy because of the fact they think of they are in a position to handle to pay for it. This surely going to be bought to the yankee human beings as a Capital constructive properties tax that the wealthy are actually not having to pay now. type envy war and make it appear as if he's protecting the middle type individuals against the Evil 5% of the salary earners. What i don't understand is why do no longer the wealthy Democrats and there is extra of them than they'll admit to, getting ticked off for permitting Obama to impose this Penalty on them. I understand a number of those Liberals sense to blame having at the same time as others don't have as lots. it is their difficulty and it won't be a punishment that the middle type or Poorer individuals ought to ought to bear. What related to the right 9% of all manhattan city dwellers getting socked for ninety% of the completed tax invoice? They like it lots, all of us is honestly shifting out, Democrats too. however the to blame ones flow out and ask for forgiveness with the aid of sending the Mayor of manhattan a letter of sense sorry approximately alongside with next elections contributions all in UNMARKED costs................................