When you purchase a home there are items you can deduct such as:
- Mortgage Interest
- Real Estate Taxes
- Mortgage Insurance
- Mortgage Points (If you meet the criteria)
Refer to the TurboTax articles Home Ownership Tax Deductions,I bought a house, what can I deduct?, Buying Your First Home, and Can I deduct private mortgage insurance (PMI or MIP)?
In order to take those deductions, your itemized deductions must be more than the standard deduction for your filing status.
Refer to the TurboTax articles What are Itemized Tax Deductions? and Standard Deduction vs. Itemized Deductions: Which Is Better? for more information.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
