should we file join returns in 2022 tax returns. We closed on our home Oct. 21, what can be written off in 2022 tax returns

Forum|Forum|3 years ago
November 16, 2022
2 replies
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EleanoreS

Employee Tax Expert

@brichards58 Good evening. Congratulations on your new home! If you are married as of December 31 of 2022 you have choice of two filing status - Married filing joint or Married filing separate. Married filing joint is generally the most advantageous filing status. Here is a great TurboTax article that may help you decide the best filing status for your situation - married separate or joint?

As regards your home, you can deduct points, mortgage. P interest and real estate taxes on your home. You should also look for "hidden" deductions on your closing documents. An example would be real estate taxes that were reimbursed to the seller. Here is a great article and video that will give you a lot of information as a homeowner It is possible that the standard deduction may be more beneficial this year as you will only have homeowner deductions for a few months. You should input all of the data and see what is best for you.

HollyP

Alumni - Expert

Generally, it is better for a married couple to file jointly. Check out the article here for more info.

Also, when buying a new home you can generally deduct mortgage interest, property taxes, and property insurance (PMI). However, these deductions are only allowed if you are taking the itemized deduction instead of the standard deduction this year. Here are a couple of articles that go into greater detail.
I bought a house, what can I deduct?
What is Schedule A?

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