Ask Terry Questions Filing taxes

Filing taxes

By Terry Savage on February 15, 2021 | Taxes & Economy

Is interest paid on my home mortgage deductible ?

Terry Says

You can claim the home mortgage deduction on line 8d of Schedule A (Form 1040 or 1040-SR) for amounts that were paid or accrued in 2019 — as longa s the debt was used to purchase or refinance or improve your home (but not the interest on money taken out for example to pay off student loans!)
BUT go over your tax return carefully. It might not pay to itemize, because of the new larger standard deduction. Get help with your taxes at www.IRS.gov/freefile or use TurboTax.

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