Mortgage interest and property taxes on your new home are itemized deductions on Schedule A.
If the total of your itemized deductions is less than your standard deduction, it is more advantageous to use the standard deduction instead. And you do not see the itemized deductions on your 1040,
For 2018, standard
deductions are:
For a taxpayer under
65, not claimed as a dependent
- $12,000 for Single
- $24,000 for Married Filing
Jointly, or Qualifying Widow(er) with dependent child
- $18,000 for Head of Household
- $12,000 for Married Filing
Separately
- If you are over 65 or blind,
add $1,300 for each instance if married or add $1,600 each instance if
single or head of household
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