Hi, my wife and I will be filing Married Filing Jointly. We purchased our home in December 2023. I'll list out my questions below. Any help would be greatly appreciated! Thank you!
1) We started paying interest on our mortgage in January 2024. What is the best way to figure out if we qualify for Mortgage Interest Deduction or if we would select the Standard Deduction?
2) Our property taxes were paid this month by our mortgage company out of our escrow account. How do we go about taking advantage of a Property Tax Deduction?
3) If we had discount point(s) on our mortgage/interest rate, how do we go about using that as a deduction?
4) My wife and I are expecting a child in late November this year. Other than claiming our child as an additional dependent when go to file our taxes, what else should we be aware of that would benefit us?
