Claiming Home Mortgage Interest You must itemize your deductions on Form 1040, Schedule A to claim mortgage interest. This means foregoing the standard deduction for your filing statusâit's an either/or situation. You can itemize or you can or you can claim the standard deduction but you can't do both.
The IRS has a 10 year period of time in which to collect back taxes. After that ten year period of time, the back taxes drop off the tax data base and the debt is legally forgiven and can never be collected. The federal tax liens are also released by statute.
1 The IRS processes more than 140 million tax returns each year, and our telephone assistors are not the people who actually process tax returns. 2  The best option for taxpayers is to check âWhereâs My Refundâ or IRS2Go and remember the vast majority of tax refunds will be issued within 21 days.