Deducting interest on a mortgage?

[StageLeft]

Am I right or wrong to presume that this is part of standard itemized deductions? Ie, if you don't itemize your deductions you gain no benefit from writing off the taxes on the interest you've paid? Since we don't have a very pricey house and it's the only thing we could deduct it looks like we'll, for 2003 tax year, be going with standard deductions.

 

[kranky]

No itemizing = no mortgage interest deduction. Don't forget to include real estate taxes, state/local income taxes and charitable contributions when looking at whether to itemize.

 

[Linflas]

There is a worksheet to complete to figure out whether you can itemize or have to take the standard deduction. If you have a house with a mortgage I bet that when all is said and done you will be able to itemize especially if you also pay personal property taxes on your autos.

 

[spidey07]

Yep, you'll get a statement at the end of the year totally all your interest. Like others said you can deduct just about anything you give to another government agency:

State/local taxes
Property tax (house, boat, car)
Charitable donations (bingos, raffles, church picnics, united way, etc)
Capital losses
and
on
and
on