Mortgage interest can only be deducted if you itemize on your tax returns. Another factor is that nearly 70% of tax filers take the standard deduction, thereby disqualifying the mortgage interest deduction. If you’re married filing separately, it’s important to note that both parties must choose the same deduction. And the standard deduction was $12,700 in 2017, meaning if you itemize your deductions, it must be more than that. Overall, I suggest some tax planning advice. Would you like a CPA or a tax planner? We can refer one. Simply ask us how.