Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
corinnemarcotjon
New Member

Being home owner doesn't reduce my fed taxes since interests and property taxes are not deductible... so can I just ignore the fact that I owe a home and file for free?

 
1 Best answer

Accepted Solutions
Vanessa
Level 3

Being home owner doesn't reduce my fed taxes since interests and property taxes are not deductible... so can I just ignore the fact that I owe a home and file for free?

They are still deductible, but only if they are more than $12,000 combined with all of your other itemized expenses.  This year, the standard deduction increased drastically to $12,000 for single, $24,000 for married filing jointly.

But, yes, if they do not total more than your standard deduction, you can ignore the fact that you own a home and file for free. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
Vanessa
Level 3

Being home owner doesn't reduce my fed taxes since interests and property taxes are not deductible... so can I just ignore the fact that I owe a home and file for free?

They are still deductible, but only if they are more than $12,000 combined with all of your other itemized expenses.  This year, the standard deduction increased drastically to $12,000 for single, $24,000 for married filing jointly.

But, yes, if they do not total more than your standard deduction, you can ignore the fact that you own a home and file for free. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v