Interest deduction on my condo loan
If I don’t do taxes I have a lot of interest what do I do ? It’s a shame I loose that money. It’s been years.
Terry Says
If you’re required to file taxes, you don’t itemize the interest or the property taxes. YOu take the standard deduction, which is $16,550 for 2024 assuming you’re over 65. In 2025, it will be $50 higher. So you’re not really missing out on any deductions. Very few people have enough deductions to itemize these days.
And if you don’t have enough income to file taxes, you don’t get any deductions!
