Buying a home does not always mean you will have enough deductions to itemize, especially if you bought a home mid-year because you would only have a half year’s mortgage interest and property taxes to deduction.
Verify that you will be able to itemize before doing anything.
The standard deduction for married couples in 2022 is $25,900 and $12,950 for single taxpayers and those filing separately. The deduction for head of household is $19,400.
IRS provides tax inflation adjustments for tax year 2022
On top of that, just because you can itemise doesn’t mean you will save a lot of money. For example, if you are married and have itemised deductions of $26,000, that’s only $100 more than the standard deduction of $25,900, so you may save $20.
You can use the free TurboTax TaxCaster app to estimate you refund with your home.
Congratulations on becoming a homeowner!
