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I bought a house in January of 2016, I had already entered all of my income and then went back and entered my 1098 and my return was unaffected. Please advise. Thanks
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Buying a home is not a guarantee of a big refund. Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund.
Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance and loan origination fees (“points”) that you paid in 2016. You should have a 1098 from your mortgage lender that shows this information.
Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees. There are no deductions for appraisal, inspections, settlement fees. etc.
Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home
2016 Standard Deductions
Single $6300 (65 or older + $1550)
Married Filing Separately $6300 (65 or older + $1250)
Married Filing Jointly $12,600 (65 or older + $1250@)
Head of Household $9300 (65 or older + $1550)
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
