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asked 10 months ago
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If you itemize your deductions, you usually can deduct mortgage interest. To be sure, ask a tax person. It doesn't have to be a CPA; in our town, the senior center offers tax help.
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You can claim it if you itemize, to itemize you want to get more deductions than the standard deduction so depending on you filing status it may or may not be helpful. If you are filing single then I would definitely itemize and claim the interest, but if you are claiming head of household or married filing joint then you will need more than just your mortgage interest to go above the standard deduction. This year they have an added tax bonus for people who do not have enough deductions to itemize, but pay real estate taxes. You can claim the standard deduction plus an additional $500 - $1000 depending on your filing status and how much you pay in real estate taxes.
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