- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
the only items that would be reported/deductible are mortgage interest, real estate taxes paid (if escrowed withdrawals less any closing credits not the monthly deposits with your mortgage payments) taxes, and points. you must itemize your deductions. interest and tax deductions might be limited. Turbotax will handle the limitations. see this link for IRS discussion.
https://www.irs.gov/newsroom/know-whats-deductible-after-buying-that-first-home-sweet-home
TurboTax will select the standard deduction if it's higher than your itemized deductions
Standard deduction 2022
Married filing joint or qualifying surviving spouse $25,900
Single $12,950
Head of Household $19,400
Married filing separately $12,950
Additional age 65 or older or blind for each (not dependents) - double if both conditions are true (MFJ, QSS, MFS) $1,400
Additional age 65 or older or blind (not dependents) - double if both are true (Single, HOH) $1,750