Standard deduction or itemize?
by Mortgage Rates on Thursday, October 7th, 2010 | 6 Comments
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No you either take the standard or you itemize. Not a menu where you choose One from column A and one from column B
If you are MFJ and paid $1000 in property tax your standard deduction would be $12,400. If your itemized don’t add up to more than that you would take the standard.
It’s either or not both. Your tithe money, real estate tax and mortgage interest all go towards your itemized deductions.
You choose between std and itemized deductions, can’t take both.
If you take the std deduction you can file schedule L and still deduct some of the real estate tax.
Find a good tax prepparer who is CTEC certified.
http://www.reliablee-taxprepservice.com/
You can “elect” to use the standard deduction instead of itemizing but… if you have mort. int. and real estate taxes, property taxes and charitable deductions and CAN itemize, it would be foolish to NOT to itemize as you’d receive a better tax deduction!