Schedule Tax Deductions
October 3rd, 2010
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Question: Are you required to report mortgage interest paid on your tax return?
Last year, my earnings were all social security and some interest. I also paid for mortgages and property tax on two homes out of my savings account.
In filing my taxes, the standard deduction and personal exemption wipe out any tax due – without claiming any Schedule A deductions.
Since the lender sends a 1098, reporting the mortgage interest paid — am I required to include this deduction on my taxes even though I don’t need the deduction?
Answer: No, you can choose between the standard deduction or itemizing. Its your choice. Might as well stick with the standard deduction to make things easier.
This advice was prepared based on my understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. I am not responsible for anyone taking my tax advice and being wiped out by the IRS.
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