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Yes they are and it depends on whether the standard deduction is greater than the itemized deductions as to whether or not it would be used.
So if the standard deduction is 4500 for single and they have 3000 in mortgage interest then it would be a better benefit to not itemize hence you would not deduct the interest.
If the mortgage interest was 5000 then you would be better off itemizing however in this scenario there may be an additional tax prep fee to consider that may wash out the tax savings.
Mortgage interest is tax deductable! However, we are trained not to say that due to the first example as it would have ramifications.
I prepare taxes. Worked for a CPA. Consult a CPA.
__________________ Greg Phillips Manager Fairfield Mortgage Company Web : Home Forums Blog | 
