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Get your taxes done using TurboTax
Hello again!!
My advice would be not to make any changes to your W4 assuming that prior to buying your home your withholding was correct. Not everyone will see a tax benefit from buying a home. I know some realtors tell their clients that buying a home will save them money on taxes. Unfortunately, that is not always correct.
Here's an example: Say you bought a high priced home and your mortgage interest alone was over the standard deduction. In that case, you would benefit from buying the home as you would be able to take the itemized deduction. I still would not advise changing your W4 especially until you have a couple of years of paying on the mortgage and you are sure you can itemize.
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‎October 25, 2023
1:03 PM