Home exemption/partial claim/new home purchase

[Oergss]

I purchase my home 2021. I allowed my ex husband to claim the credits of the home or whatever it is called. This year I will like to include my home in the taxes but I have no idea how or what this results in. Do I get a higher return since I have a home? How exactly do I do this?

My exemption was approved, what exactly does this mean? I was told it protects my home if someone try’s to sue me. I just don’t understand this.

[leeloo]

As a home owner, you are entitled to claim mortgage interest and property taxes on your home. You must itemize on Schedule A in order to do this. You may or may not get a larger refund, depending whether or not these amounts are larger than your standard deduction. 

Please see this link for more information.

https://turbotax.intuit.com/tax-tips/home-ownership/deducting-mortgage-interest-faqs/L4a9KF9mI

[Oergss]

What does standard deduction exactly mean? Is it all I’m claiming deducting such as donations, ect? 

What if your name is on a title/loan but you moved out and only resided at the property for 6 months?

i know with exemption, you have to be living at the property. I filed for this and had to complete an affidavit to confirm my ex husband no longer lives here. This question is regarding my Ex husband, does he still have the right to claim the home? 

Can you explain home exemption a little further please??

[leeloo]

To be eligible to claim mortgage interest and property taxes, you have to be liable for the debt and pay the debt. You are not required to live there. Whatever you signed regarding the affidavit and your ex-husband, that has nothing to do with the IRS.

[Oergss]

My ex husband is not paying and I guess i can prove that to show the money is coming out of my account or does he still have the right to sine his name is on the title/loan?

[VolvoGirl]

The Standard Deduction is a good thing. Everyone gets to take either the Standard Deduction or their itemized deductions whichever is higher.   Itemized deductions are things like Medical, Gifts to Charity, State Income Taxes Paid, Mortgage Interest, Property Taxes, Car registration fees, etc. To itemize your deductions you use Schedule A.

It is subtracted from your income before you pay tax. So you get taxed on a lower amount. The Standard Deduction is 12,950.  It means the first 12,950 of income is tax free.

For 2022 the standard deduction amounts are:

Single 12,950 + 1,750 for 65 and over or blind (14,700)

HOH 19,400 + 1,750 for 65 and over or blind (21,150)

Joint 25,900 + 1,400 for each 65 and over or blind (27,300/28,700)

Married filing Separate 12,950 + 1,400 for 65 and over or blind (14.350)

Or if you are filing as Married Filing Separately and your spouse itemizes then you have to also itemize even if it is less than the Standard Deduction even if it is zero.  If you are a dependent your Standard Deduction might be less.

[VolvoGirl]

So unless all your deductions that I listed above are more than your Standard Deduction of  $12,950 it doesn't matter about the house interest or who paid it etc.  You get the Standard amount.  We don't know anything about the exemption.  That must be a state thing and isn't part of your income tax.