I bought a home in 2019. I have always filed with 1040EZ. I've never itemized. What do I have to start getting lined up to file this years taxes?

[Critter]

In January the mortgage company will send you a 1098 with the mortgage interest on it and the RE taxes if you pay it thru an escrow account. 

What is Schedule A?

The IRS lets you take either the standard deduction or the itemized deduction. If you itemize, we'll automatically fill out Schedule A, Itemized Deductions and switch you over to the 1040 long form.

Schedule A lets you report certain deductible expenses like:

• Medical and dental costs above and beyond 7.5% of your AGI (10% starting in 2019)
• State, local, real estate, and personal property taxes (capped at $10K for 2018-2025)
• Home mortgage interest
• Charitable donations and gifts

Casualty losses (losses caused by a sudden, unexpected, or unusual event) to personal property are only deductible if covered by specific federal disaster declarations.

After you finish going through the Deductions & Credits section, we'll recommend whichever deduction – standard or itemized – gives you the biggest tax break. But you can always override our recommendation if you wish.

Schedule A is supported in the paid versions of TurboTax.

Related Information:

• How does the itemized deduction differ from the standard deduction?
• Can I still itemize my deductions?
• How can I tell which deduction (standard or itemized) I'm using?
• Did I itemize last year?

 

 

[xmasbaby0]

Some information on homeownership:

Home Ownership

There is not a first time home buyers credit on a Federal return. That ended in 2010. If your state has such as credit, you will be able to enter it when you prepare your state return.

Buying a home is not a guarantee of a big refund.  Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home ownership deductions.

Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees.  There are no deductions for appraisal, inspections, title searches, settlement fees. etc.

Your down payment is not deductible.

Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.

Home improvements, repairs, maintenance, etc. for your own home are not deductible. 

Homeowners Association  (HOA) fees for your own home are not deductible.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2019.  You should have a 1098 from your mortgage lender that shows this information.

https://ttlc.intuit.com/questions/2900844-where-do-i-enter-my-1098-mortgage-interest-statement

It is going to be very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher.  Your home ownership may not have any effect on your tax due or refund, especially if you purchased the house late in the year.  

Standard Deduction

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes. 

2019 Standard Deduction Amounts

Single $12,200   (+ $1650 65 or older)

Married Filing Separate  $12,200   (+ $1300 if 65 or older)

Married Filing Jointly $24,400   (+ $1300 for each spouse 65 or older)

Head of Household $18,350  (+ $1650 for 65 or older)

(Also + $1650 if legally blind)

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...