Home exemption/partial claim/new home purchase

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I purchase my home 2021. I allowed my ex husband to claim the credits of the home or whatever it is called. This year I will like to include my home in the taxes but I have no idea how or what this results in. Do I get a higher return since I have a home? How exactly do I do this?

My exemption was approved, what exactly does this mean? I was told it protects my home if someone try’s to sue me. I just don’t understand this.

user17750693608

Level 8

As a home owner, you are entitled to claim mortgage interest and property taxes on your home. You must itemize on Schedule A in order to do this. You may or may not get a larger refund, depending whether or not these amounts are larger than your standard deduction.

Please see this link for more information.

https://turbotax.intuit.com/tax-tips/home-ownership/deducting-mortgage-interest-faqs/L4a9KF9mI

OergssAuthor

Level 2

What does standard deduction exactly mean? Is it all I’m claiming deducting such as donations, ect?

What if your name is on a title/loan but you moved out and only resided at the property for 6 months?

i know with exemption, you have to be living at the property. I filed for this and had to complete an affidavit to confirm my ex husband no longer lives here. This question is regarding my Ex husband, does he still have the right to claim the home?

Can you explain home exemption a little further please??

user17750693608

Level 8

To be eligible to claim mortgage interest and property taxes, you have to be liable for the debt and pay the debt. You are not required to live there. Whatever you signed regarding the affidavit and your ex-husband, that has nothing to do with the IRS.