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Do I have to report my mortgage interest statement if I am better off getting the standard deduction?
I am helping my mother in law with her taxes. I am doing the tax act program. She will be better off doing the standard deduction instead of itemizing. Do I have to put the mortgage interest statement in? I just want to make sure I do it correctly.
3 Answers
- Monte PLv 77 years agoFavorite Answer
Typically, if you are using TaxAct, TurboTax, etc....you are better off entering all of the information they ask for....mortgage interest, expenses, medical expenses, education, etc.....
The software will compare all of the various filing options to maximize the refund. It may seem like it's common sense that she will be better off with the standard deduction...but that software might find that she'll get a bigger refund by itemizng.
- TriciaLv 77 years ago
whichever method you use needs to comply with the rules and bring your mother back the most in her refund. usually people do it both ways on paper and see which brings highest refund. send the one with highest refund in.
- 7 years ago
all depends on the income -- what other deductions do you have and how much are they compared to the income you received.
