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.
However, in the long run, taxes may be less certain. With some debts, such as medical bills or credit card debt, the statute of limitations can cut off a creditor who might try to sue you over an old debt. How far back the IRS can go to collect back taxes depends on your circumstances. Federal law sets limits, known as collection statute expiration dates, on how long the IRS can collect back taxes from taxpayers. After the expiration date passes, the IRS can't try to make you pay your old taxes.