Just bought our first Home

The purchase of a primary personal residence is not reported on a tax return.  You can deduct as an itemized deduction the mortgage interest paid, the property taxes paid and any points paid on a new mortgage.

However, the total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

Hello Christopherpope,

Great question! You will want to use the 1098-Mortgage Interest Form that will be issued by the lender to help you make this decision.
If both of your names are on this form, you can split the interest paid and property taxes paid in half, 50/50 for each of you.
If only one person's name is on the form, that person will use the information on their tax return.

It may not matter too much, because the standard deduction may still be the best option for one or both of you.
You can only claim the interest paid on the mortgage, real property taxes paid, mortgage insurance premiums and any points paid when you are trying to itemize your deduction. 

For more information regarding what is deductible, feel free to review the following IRS website:

https://www.irs.gov/newsroom/know-whats-deductible-after-buying-that-first-home-sweet-home 

Thanks,
Sean