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mortgage payments and taxes

We have a mortgage with our home ( it's not our first, that one we made payments to dh's grandparents ) and the interest is awful. I was wondering if anyone had been able to use the interest of their payments as a deduction when doing their taxes and what was involved in getting that done. Thank you!

Answer Question
 
izyandchrismomi

Asked by izyandchrismomi at 8:16 PM on Jan. 26, 2010 in Money & Work

Level 5 (82 Credits)
Answers (6)
  • All you have to do is itemize. If you use H&R Block's free-file (or some of the other tax sites) you just put in all of your information and it will tell you if you get more money back by itemizing and claiming it or using a standard deduction. Ours has never amounted to much, we still get back way more using standard. Good luck!
    Slinkee

    Answer by Slinkee at 8:21 PM on Jan. 26, 2010

  • You can deduct the interest of your primary residence on your taxes, as long as you itemize.
    acollins09

    Answer by acollins09 at 8:50 PM on Jan. 26, 2010

  • Our itemized deductions including our mortgage interest have never been more than our standard deduction, so we just take the standard one.
    riotgrrl

    Answer by riotgrrl at 9:03 PM on Jan. 26, 2010

  • We always take the standard deduction too because the interest paid is never anywhere close to the standard deduction.
    slw123

    Answer by slw123 at 9:57 PM on Jan. 26, 2010

  • The standard deduction for married couple filing jointly is $11,400. If your interest, property taxes, charitable donations, and any other itemized deductions are not more than $11,400 you are better off taking the standard deduction.
    Anonymous

    Answer by Anonymous at 9:26 AM on Jan. 27, 2010

  • We always itemize. Our interest alone is more than $9000 and our property taxes are more than $1500. So it is worth it to us with everything else we itemize to take OUR deductions instead of the standard.
    RutterMama

    Answer by RutterMama at 9:51 AM on Jan. 27, 2010

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