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Deductions & credits
Well all your deductions like Mortgage Interest, property tax, Medical, Charity etc. have to be more than the Standard Deduction to give you any benefit. The first year you buy a house you might not have enough interest to itemize. You might have enough the second full year.
For 2023 the standard deduction amounts are:
Single 13,850 + 1,850 for 65 and over or blind (15,700)
HOH 20,800 + 1,850 for 65 and over or blind (22,650)
Joint 27,700 + 1,500 for each 65 and over or blind (29,200/30,700)
Married filing Separate 13,850 + 1,500 for 65 and over or blind (15,350)
‎February 3, 2024
10:13 AM