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Deductions & credits
There are no tax credits for buying a home. You can enter the mortgage interest paid, the real estate taxes paid and the points paid (if any) as itemized deductions on Schedule A.
However, your total itemized deductions mut be greater than the Standard Deduction for your filing status to have any tax benefit.
Standard deductions for 2023
Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $12,950 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older
‎January 23, 2024
5:11 PM