Deductions & credits

There are no homeowners credits.  This credit ended several years ago.  It is still showing in TurboTax because those who received it are now paying it back.

The only deduction for a homeowner is if you itemize, you can deduct mortgage interest, points and property taxes paid. Your total itemized expenses (mortgage interest, taxes, medical expenses, etc) would need to be greater than your standard deduction in order to qualify for this deduction. 

The Standard Deduction is as follows:

  • $12,000 Single or Married Filing Separate
  • $13,600 if single and over 65
  • $18,000 Head of Household
  • $24,000 Married Filing Jointly (add $1,300 per spouse over 65 years old)
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