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Deductions & credits
If it's not a seller-financed loan, and you make the entry in forms mode as I described above, you do not need the lender's tax ID.
For 2024 the standard deduction is $14,600 for someone who is single, under 65, not blind, and cannot be claimed as a dependent.
The total itemized deduction for state and local taxes is limited to a maximum of $10,000 per year ($5,000 if you are married filing separately). This maximum applies to the total of real estate tax, personal property tax, and either state and local income tax or state and local sales tax.
Repairs to your home are not tax deductible.
Other common deductions are medical expenses and contributions to charity. Only the amount of medical expenses in excess of 7.5% of your AGI is deductible.
‎January 28, 2025
7:16 AM
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