Your mortgage principal is not tax deductible. If you are itemizing your return, then you can claim the interest on the payments, but not the principal. Your mortgage company should send you a 1098 to report the interest you paid for 2024.
You can only claim property taxes that were assessed and paid in that year. So, if your property tax bill came out in September for 2025 and you paid them at closing, then yes, you can claim them as a deduction on your taxes.
If however, the taxes were not assessed yet and were not assess until 2025 and you paid them ahead of time, then no, they are not deductible until 2025.
Itemized expenses include mortgage interest, gambling losses up to winnings, charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.
The 2024 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $29,200
- Married Filing Separate (MFS) $14,600
- Head of Household (HOH) $21,900
- Single $14,600
Blind or over 65 and MFJ or MFS add $1,550
Single or HOH if blind or over 65 add $1,950
Standard versus Itemized Deduction
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