Tax Deduction Standard
October 25th, 2010
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Question: How I deduct the mortgage interest in my tax return? Should I forgo my standard deduction in that case?
We just bought the home. I wounder how we should treat my home related expenses.
Answer: Mortgage interest and other deductions are calculated on Schedule A of Form 1040. Figure out your deductions (which will also include property taxes, state income taxes, donations and others) and take the standard or itemized, whichever is higher.
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Would This Stimulus Idea Kill Charities?
This sounds like a genuinely new idea: stimulate the economy by multiplying the standard deduction by ten.
Tax Advice: Itemize or Standard Deduction
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Tags: deduction, irs, mileage, mortgage interest tax deduction standard deduction, tax, tax deduction standard, tax.deduction, taxes