New Home Purchase

fasteddie577 · ‎March 25, 2025

My son bought a new home in 2024. From what I've read, the only thing he can deduct on his tax return are property taxes paid, interest on the loan and mortgage points. Also, for it to be worthwhile, the itemized deduction total needs to be greater than the standard deduction. Please let me know if this is correct. Thank you.

MinhT1

Yes, you are correct.

Please read this TurboTax article for more information.

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Bsch4477

You are correct.

MinhT1

Yes, you are correct.

Please read this TurboTax article for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Johncampbell7777

Yes, you and your son have it correct if your son considers the home his personal residence

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New Home Purchase