You can claim mortgage interest on Form 1098 and property taxes you paid in 2023 as itemized deductions.
These deductions, when combined with other itemized deductions such as medical expenses, the sales and local tax (SALT) deduction, charitable contributions, have to exceed your Standard Deduction to have a beneficial effect on your tax.
For tax year 2023, standard deductions are:
- $27,700 for married couples whose filing status is “Married Filing Jointly” and surviving spouses;
- $13,850 for singles and married couples whose filing status is “Married Filing Separately”; and
- $20,800 for taxpayers whose filing status is “head of household.”
The additional Standard Deduction for a blind taxpayer—that is a taxpayer whose vision is less than 20/200— and for a taxpayer who's aged 65 or older at the end of the year is for each instance:
- $1,500 for married individuals; and
- $1,850 for singles and heads of household.
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