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Mortgage interest deduction

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rosier2000

Member
What is the name of your state? Florida.

I am single parent and file HOH. Because of this I have always taken the standard deduction. Have I missed out on filing my mortgage interest? If so, I would like to amend some returns.

Thanks for any posts. :)
 


S

seniorjudge

Senior Member
rosier2000 said:
What is the name of your state? Florida.

I am single parent and file HOH. Because of this I have always taken the standard deduction. Have I missed out on filing my mortgage interest? If so, I would like to amend some returns.

Thanks for any posts. :)
Click to expand...
www.irs.gov/pub/irs-pdf/p936.pdf

(I can't even fill out a Form 1040-EZ...but read the above.)
 
D

dallas702

Senior Member
You need to get your interest statement, work out the numbers according to your 1040 both ways, and file whichever works best for you. You are the only one who knows what your financial info will show.
 
LdiJ

LdiJ

Senior Member
rosier2000 said:
What is the name of your state? Florida.

I am single parent and file HOH. Because of this I have always taken the standard deduction. Have I missed out on filing my mortgage interest? If so, I would like to amend some returns.

Thanks for any posts. :)
Click to expand...
Past year forms are available at www.irs.gov

However, a professional tax preparer could run the numbers for you for past years, to see if it would make any difference.
 
R

rosier2000

Member
Thanks to all who posted. I have been confused by this and now I'm also caring for my mother in my home. I will add her as a dependant and maybe this will also help my refund. She doesn't file taxes as her only income in SS.
 
LdiJ

LdiJ

Senior Member
rosier2000 said:
Thanks to all who posted. I have been confused by this and now I'm also caring for my mother in my home. I will add her as a dependant and maybe this will also help my refund. She doesn't file taxes as her only income in SS.
Click to expand...
You need to be careful about claiming your mother as a dependent. Don't do it unless you truly provide more than 50% of her support, and can prove it.
 
D

dallas702

Senior Member
Don't be afraid to do what the rules allow. Just don't try to bend them to suit your situation. If you do provide more than 50% of her support (living accomodations and food alone can be worth quite a bit), then another dependent is very helpful. The mortgage deduction is great if your mortgage is very big, and especially of you have other deductions you can now add (charitable contributions, etc.). A quick test on the mortgage deduction is to compare yoour interest payments with your standard deduction allowed.
 
LdiJ

LdiJ

Senior Member
dallas702 said:
Don't be afraid to do what the rules allow. Just don't try to bend them to suit your situation. If you do provide more than 50% of her support (living accomodations and food alone can be worth quite a bit), then another dependent is very helpful. The mortgage deduction is great if your mortgage is very big, and especially of you have other deductions you can now add (charitable contributions, etc.). A quick test on the mortgage deduction is to compare yoour interest payments with your standard deduction allowed.
Click to expand...
I gave her that "caution" because one of the clients in our office battled the IRS over the same scenario, and lost. The IRS felt that the level of social security that the elderly parent received was more than adequate to meet her needs, therefore disallowed the exemption to her daughter.

Therefore it really depends on how much social security she is receiving, and her actual expenses (including food and housing).
 
R

rosier2000

Member
Thanks for all the advice and cautions. She only gets 800 mth. We are selling her home so she will have some money. She can't live on her own anymore as she gets really confused and befuddled about everything. I am trying to get to to sign a POA, so I can help her.

My mortgage is not that large 83K and currently house is worth almost twice that. I have never claimed the mortgage interest or property taxes on this house because as HOH the standard decduction is pretty high. I could use every dime to cover expenses.
 
LdiJ

LdiJ

Senior Member
rosier2000 said:
Thanks for all the advice and cautions. She only gets 800 mth. We are selling her home so she will have some money. She can't live on her own anymore as she gets really confused and befuddled about everything. I am trying to get to to sign a POA, so I can help her.

My mortgage is not that large 83K and currently house is worth almost twice that. I have never claimed the mortgage interest or property taxes on this house because as HOH the standard decduction is pretty high. I could use every dime to cover expenses.
Click to expand...
Its possible that you should be itemizing. Again, run the numbers for at least 2004, to see what the difference would be.
 
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