You can include your home's mortgage interest and property taxes under Deductions and Credit.
You should have a Form 1098.
To post the 1098 you should follow these steps:
Under Federal
- Select Deductions and Credits
- Scroll to Mortgage Interest and Refinancing (Form 1098) - [Add/Edit]
- Select the 1098 you want to post Add a new 1098
- Follow the interview and post the details from your 1098.
This will be included as part of your Itemized deductions.
For this to be a benefit, the total of Itemized deductions must be greater than the Standard deduction.
The standard deduction amounts for 2024 are:
- $29,200 – Married Filing Jointly or Qualifying Surviving Spouse
- $21,900 – Head of Household
- $14,600 – Single or Married Filing Separately
For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:
- $1,950 for Single or Head of Household
- $1,550 for married taxpayers or Qualifying Surviving Spouse
There have been many changes to the Itemized deduction limitations. Here are some of the limitations to Itemized deductions
- Medical expenses: You can only deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI.
- Mortgage Interest: You can deduct the interest you paid during the tax year on the first $750,000 of your mortgage debt for your primary home or a second home. If you are married filing separately, the limit drops to $375,000.
- Local Taxes: Your deduction of state and local income tax, general sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if married filing separately).
- Business expenses for employees is no longer allowed.
- There may be other limitations that are not listed.
- Finally, the total of all deductions must be greater than the Standard deduction.
You can also see: How do I change from the standard deduction to itemized (or vice-versa)?
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