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The standard deduction greenback quantity is $12,550 for single households and $25,100 for married couples filing collectively for the tax year 2021. Taxpayers can select either itemized deductions or the standard deduction, but usually choose whichever leads to the next deduction, and due to this fact decrease tax payable. Generally, if you paid premiums for qualified mortgage insurance that are properly allocable to durations after the shut of the tax 12 months, such premiums are handled as paid within the period to which they’re allocated. You must allocate the premiums over the shorter of the acknowledged time period of the mortgage or eighty four months, beginning with the month the insurance was obtained. No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. This paragraph doesn’t apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. Mortgage … Read More