Craig Smalley, Tax Professional
@cwseapa
And you can have an itemized deduction, or a standard deduction. In order to receive an itemized deduction, you would have to use the long form. Typically, we will your own home, pay mortgage interest, and property taxes, you have more of an itemized deduction the you do a standard deduction, so it is using your best interest to use the long form.
Craig W. Smalley, E.A.
Admitted to Practice before the Internal Revenue Service
Bob Maloney, MSFS, AEP, MSFS, AEP
@napfabob
I'm going to assume that the question of a long or a short form is really a question as to whether you should use a standard deduction or itemized deductions on your 2015 tax return. The best way to make this decision is to try to determine what your deductions would be if you itemized and to the extent they exceed the standard deduction for 2015 of $6,300, it would make sense to itemize for the current year. The interest deduction alone based upon current interest rates may not be sufficient to carry you over the $6,300 threshold for a simplified return. This is the perfect time to estimate your itemized deductions which you can find on schedule "A" (Itemizee Dedcutions) and if the total exceed $6,300, then use what you're referring to as the long-form. I hope this helps and good luck.
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