Home purchase. Will it be a part of taxes filed for this year? Will it be beneficial for me?

Forum|Forum|4 years ago
July 27, 2022
1 reply
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conniem123

Level 7

Hi , Congratulations on the new home! While you do not report the purchase of the home, there are expenses you can include if you itemize deductions rather than taking the standard deduction.

If you itemize deductions, the most common expenses you can include are your mortgage interest and property taxes paid. Here is a great resource,

https://turbotax.intuit.com/tax-tips/home-ownership/buying-your-first-home/L5QxJLcQT

If you're not sure if you take itemized deductions or standard deduction , here are the 2022 standard deductions amount,

The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600.

I hope you find this helpful!

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