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Can I use the interest paid on my mortgage as part of my filing for 2018?
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It depends. You will only use the interest paid on your mortgage if your total Itemized Deductions are greater than the Standard Deduction for your filing status.
Due to the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017, beginning on your 2018 Tax Return, the Standard Deduction has been increased to the following amounts based on your filing status:
- Single/Married File Separate- $12,000
- Head of Household- $18,000
- Married Filing Joint- $24,000
Because of these increased Standard Deduction amounts, many taxpayers who are used to Itemizing their Deductions on Schedule A will no longer need to do so because the Standard Deduction is higher than their Itemized Deductions.
For more information, please check out this TurboTax article: 2018 Tax Reform Legislation: What You Should Know.
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