Bought a house

[Jsheesao]

I had lots of tax expenses due last year, because I had to pay back tax credits that I got and this year I won't have to worry about that. I did buy a house this year, and I was expecting to get some deductions this year, and not owe any money like I did with the tax credits. What can I expect when I do my taxes this year if I want to update those changes?

[drc845443]

Hello there!

Congratulations on buying your new home! 

Your home may result in tax benefits as a result of home ownership. You can deduct mortgage interest, property taxes, mortgage insurance, points, but those deductions will only benefit you to the extent that your itemized deductions exceed the standard deduction.

I have attached the following resources that will help clarify the deductions you qualify for from owning a home, plus one that compares standard deductions to itemized deductions.

https://turbotax.intuit.com/tax-tips/home-ownership/buying-your-first-home/L5QxJLcQT

https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/tax-deduction-wisdom-should-you-item...