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April 10, 2025
Question

why is my property interest paid yearly not deductable?

  • April 10, 2025
  • 1 reply
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how much of 7900.00 mortgage interest of 2024 deductable?

1 reply

DoninGA
Employee
April 10, 2025

Mortgage interest paid is reported as an itemized deduction on Schedule A.

 

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

Standard deductions for 2024

Single - $14,600 add $1,950 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older