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Get your taxes done using TurboTax
Good question, and maybe a great opportunity! The first question you have to answer is how much are your total deductions---mortgage expense, and all that goes with buying a house would be part of "itemized" deductions, along with things like medical expenses, co-payments, deductibles, premiums, also education expenses, and more. So, to find out, go to "Deductions and Credits" in your TurboTax account, the list of possible deductions will pop-up and allow you to punch in some numbers. And, then if your itemized deductions are more that the standard deduction you're good---the mortage and all of that will be deductible. Keep in mind, the standard deduction for Married, filing jointly for 2022, was $25,900, as an example. Thus, your itemized deductions must be higher than that to be of any benefit. So, go through the process, try to get the total on the "Deductions and Credits" section and Turbo Tax will tell you which, standard or itemize, will be best for you. In the mean time, start now keeping detailed records of you expense detailed in TurboTax--you may be surprised when you add everything up next tax season, 2023.
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