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I have only one house, which I live in. I received a Form 1098 Mortgage Interest Statement for 2022 from my bank. Since I'm early in the mortgage, the interest I pay is quite a large percent of the home payments, so a significant amount of money.

When filing my taxes, I cannot find any place to enter the information. Are there any kinds of credits or deductions I can get from this?

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2 Answers 2

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This goes on your Schedule A line 8, for itemized deductions. If your total itemized deductions end up being less than the standard deduction then you get no tax benefit.

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  • Of course, if your standard deduction exceeds the total available itemized deductions then you can be pleased that you're getting an extra good deal on deductions! FWIW, I used to itemize to get the home mortgage deduction, among others, but that stopped being to my benefit when the Trump standard deduction increase took effect. Now I get an even bigger standard deduction than I previously could get from itemizing.
    – John Bollinger
    Commented Jan 19, 2023 at 23:14
  • @JohnBollinger not sure what is the point of your comment, but it is surprising to me. For most people I know Trump's changes ended up in more taxes, not less. For instance, in case of mortgage interest deduction, Trump's law limited it to the first 750K of debt (compared to >1M before that).
    – littleadv
    Commented Jan 19, 2023 at 23:20
  • The point is that people should not feel like they are missing out on something when they take the standard deduction instead of itemizing to get the mortgage deduction (among others). As for the tax law changes, I said higher standard deduction, not lower taxes, though I actually did see a bit of a tax reduction, IIRC. My understanding and recollection is that most people's taxes did not change much, but if you can point me to a reputable analysis that says different then I would be interested.
    – John Bollinger
    Commented Jan 19, 2023 at 23:47
  • @JohnBollinger this seems irrelevant to my answer. You're not adding any new information not already there, and feelings are not something we're discussing here.
    – littleadv
    Commented Jan 20, 2023 at 1:00
  • @littleadv - John's comments do actually add interesting context to your answer... I'm not sure why you're so hostile towards them
    – ScottishTapWater
    Commented Jan 20, 2023 at 14:47
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I received a Form 1098 Mortgage Interest Statement for 2022 from my bank. Since I'm early in the mortgage, the interest I pay is quite a large percent of the home payments, so a significant amount of money.

Review everything on Schedule A. This is where your itemized deductions will be entered.

As a homeowner this is where you will list the money you had to pay in 2022 for home mortgage interest. But you will also find a place to enter your property tax payments.

If this is a new mortgage you may find listed on your settlement documents the amount you paid in interest and property tax at settlement.

Unrelated to home ownership you can also list the amount you pay in state income taxes. In addition the state I live in has a car tax or personal property tax.

There is also a place to enter your charitable deductions.

Note: Congress limited the maximum amount you can deduct for SALT (State and local tax) to $10,000. So if your state and local income taxes, and your property tax and personal property tax, exceed $10,000 you are limited in what you can deduct.

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  • state income or sales taxes
    – Ben Voigt
    Commented Jan 19, 2023 at 18:14
  • @BenVoigt would you please reference where sales taxes are deductible?
    – psaxton
    Commented Jan 19, 2023 at 19:54
  • @psaxton: irs.gov/instructions/i1040sca#en_US_2022_publink100041574 and irs.gov/credits-deductions/individuals/…
    – Ben Voigt
    Commented Jan 19, 2023 at 20:01
  • @BenVoigt tyvm. It's the or you accented that is important. Sales tax wouldn't be greater than state income tax in my location. The online calculator you linked is invaluable.
    – psaxton
    Commented Jan 19, 2023 at 20:08
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    @psaxton: Yes, the sales tax deduction is mostly used in states that don't have income tax (although people who make large purchases from savings could go the route of actual receipts instead of the estimate based on income).
    – Ben Voigt
    Commented Jan 19, 2023 at 20:11

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