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Deductions & credits
You don't "have" to enter anything on your tax return concerning a primary residence you own free and clear. However, you "may" want to claim as a deduction any property taxes you pay. Property taxes will be a SCH A itemized deduction. So it may not make any difference on your tax liability. Until the total of all of your itemized SCH A deductions exceed your standard deduction, those itemized deductions have no impact on your tax liability.
With the tax law changes of 2018, it's estimated than less than 10% of tax filers will benefit from itemizing their deductions.
‎September 6, 2022
3:32 PM
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