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riftkid_2012
New Member

Should I receive money back for purchasing a house this year?

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

Should I receive money back for purchasing a house this year?

The new standard deduction for single is $12,000 and for married filing joint is $24,000, so your itemized deductions would need to exceed that amount to reduce your taxes.

Property taxes, and state and local taxes (up to $10,000) also gets added in addition to contributions.

TurboTax will walk you through this and give you the higher of the standard deduction or itemized.

Many times in the year of purchase of a home, the impact is small or none at all, due to not having a year of interest property taxes paid on the home.

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1 Reply
MichaelL1
Level 15

Should I receive money back for purchasing a house this year?

The new standard deduction for single is $12,000 and for married filing joint is $24,000, so your itemized deductions would need to exceed that amount to reduce your taxes.

Property taxes, and state and local taxes (up to $10,000) also gets added in addition to contributions.

TurboTax will walk you through this and give you the higher of the standard deduction or itemized.

Many times in the year of purchase of a home, the impact is small or none at all, due to not having a year of interest property taxes paid on the home.

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