First, I do not think it matters if you purchase in 2024 or 2025. If you find a house you love, and can afford it, please go ahead and purchase it. A first time home purchase is exciting.
With the standard deduction being $14,600 for a single person and $29,200 for a married couple in 2024 and then $15,000 and $30,000 in 2025, you may well take the standard deduction even with the purchase of your first home.
Interest and real estate taxes are the two main deductions associated with a home. Taxes though are limited to $10,000 if single, head of household, or married filing jointly. This is all taxes, which include income, real estate, personal property, and sales tax if not deducting income tax.
When you do purchase the home you will want to keep the closing documents as long as you own the home and then at least three years after. You will also want to keep records of any home improvements you make when you own the home.
Although it is is a bit premature to congratulate you, I wish you the best in your first time home buying experience @Col3680 .
All the best,
Marc T.
TurboTax Live SelectTime Tax Expert
JD, MTax
27 Years of Experience Helping Clients
