Thank you for your question. Congratulations on your new home purchase.
So the standard deduction for 2023 is $13,850 if you are single, $20,800 if you are filing as head of household, and $27,700 if you are married. You would take the standard deduction on your 2023 taxes to the extent it exceeds your itemized deductions.
So the mortgage interest would be an itemized deduction as well as the real estate taxes, but only to the extent that they are below $10,000 due to the State and Local Income Tax cap.
FHA loans, as you know, typically require much smaller down payments (3.5% or so). An FHA loan has an upfront and annual mortgage insurance premium that was deductible between 2018 and 2021. This is no longer deductible.
So your itemized deductions, which also include charitable deductions, and medical expenses, to the extent that they exceed 7.5% of AGI, would be the other significant itemized deductions. Gambling losses as well.
A rental property held in a single member LLC would be a disregarded entity for tax purposes. So you would use Schedule E to report the income and expenses for the property. This could be for one or more properties. Interest, real estate taxes, management fees, depreciation, etc. would be expenses.
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