Congratulations on buying a new home! Since you are getting a 1098, you are probably also paying taxes on the property. ( And if you paid points or PMI when you bought the house, those may also be deductable.)
Mortgage interest and property taxes are usually reported in TurboTax under Personal>>Deductions and Credits>>Mortgage Interest.
On the actual tax forms, mortgage interest is reported on Schedule A, line 10, while the accompanying real estate taxes are on Schedule A line 6.
For most people, these two items are deductible, but it may or may not get you more money back. When you file each year, you have to choose to either claim the standard deduction or to itemize your deductions. If you itemize, your deductions will be listed on Schedule A.
Standard Deduction limits change each year. In 2016 tax year, for for
Single or Married filing separately is $6,300, while Married filing
jointly or Qualifying widow(er) is $12,600, and Head of household is
$9,300.
If the combination of all your Schedule A Itemized deductions (medical expenses, taxes, mortgage expenses, gifts to charity, etc...) is less than your standard deduction, it would be better to take the standard deduction rather than claim the mortgage interest/taxes under your itemized deductions.
Hope that helps!
