DMarkM1
Expert Alumni

Deductions & credits

You may have some deductions and some credits available to you.  First, any real estate taxes you paid in 2022 whether as part of closing or after closing will be an itemized deduction.  The purchase price for the home will be your cost basis should you ever sell the home.   

 

Next, you mentioned energy efficiency upgrades.  Some or all of those may qualify for Home Energy Credits if completed in 2022.  Carefully go through the "Home Energy Credit" topic in the "Your Home" dropdown menu under "Deductions and Credits."   Click the "Learn More" links along the way to get detailed information on each potential credit item.  

 

Note:  Since the home is jointly owned by you and your wife and you both lived in it and are filing a joint return, then in the "Home Energy Credit" interview you will select "No, the home is mine" when asked did you share ownership.   

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