There is no credit for owning a personal residence on a federal tax return.
You can deduct the mortgage interest paid, the property taxes paid, the mortgage insurance paid (if any) and the points paid on the loan as itemized deduction on Schedule A of your federal tax return.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2019
- Single - $12,200 add $1,650 if age 65 or older
- Married Filing Separately - $12,200 add $1,300 if age 65 or older
- Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
- Head of Household - $18,350 add $1,650 if age 65 or older
