home mortgage

kkibbons — Sat, 08 Nov 2025 00:39:35 GMT

does purchasing home help on my taxes for the year? what if there are 2 single filers on the mortgage? how do we split that when filing?

Re: home mortgage

Bsch4477 — Sat, 08 Nov 2025 02:34:08 GMT

Generally each deducts the percentage of what each has paid. So if you split the mortgage payments equally you each deduct half of the total interest paid. I assume both are on the deed.

Re: home mortgage

xmasbaby0 — Sat, 08 Nov 2025 03:39:04 GMT

CO-OWNING A HOME

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/deduct-mortgage-interest-co-owned-home/L6yLU1kKI_US_en_US?uid=lrv7xcw2

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

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/bought-house-deduct/L4X2xnsdz_US_en_US?uid=m6cuvbpg

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and mortgage insurance that you paid in 2025 You should have a 1098 from your mortgage lender that shows this information. Lenders send these in January/early February or you may be able to import the 1098 from the lender’s website.

Home Ownership

There is not a first time home buyers credit on a Federal return. That ended in 2010. If your state has such as credit, you will be able to enter it when you prepare your state return.

Buying a home is not a guarantee of a big refund. Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home ownership deductions.

Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees. There are no deductions for appraisal, inspections, title searches, settlement fees. etc.

Your down payment is not deductible.

Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.

Home improvements, repairs, maintenance, etc. for your own home are not deductible. (With possible exceptions for certain energy credits) (BUT——do make sure you keep careful written records/invoices, etc. of any improvements you make to the home for someday when you sell it.)

Homeowners Association (HOA) fees for your own home are not deductible.

HOMEOWNERSHIP DEDUCTIONS

It is very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher. Your home ownership may not have any effect on your tax due or refund, especially if you purchased the house late in the year.

Standard Deduction

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.

2025 STANDARD DEDUCTION AMOUNTS

SINGLE $15,750 (65 or older/legally blind + $2000)

MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)

MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)

HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)

For 2025 through 2028 there is an extra deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out above certain incomes.

topic home mortgage in Deductions & credits

home mortgage

Re: home mortgage

Re: home mortgage