You're using the correct form. Buying a home doesn't automatically mean you'll be able to deduct all your home expenses. It may be better for you to claim the Standard Deduction because it's more than all your itemized deductions, like mortgage interest, PMI, points, property taxes, state income taxes, etc. Using the Standard Deduction is a good thing. It means you were able to deduct more from your income but you didn’t have to pay out of pocket more than your standard deduction. For additional information, see I bought a house, what can I deduct?I bought a house, what can I deduct?

Question

I purchased a new home this year. And after inputting my 1098, it’s saying I don’t qualify for a tax deduction. Is there another tax form I need to input? I thought a new home gave you a ded

Forum|Forum|6 years ago
February 5, 2020
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HelenC12

You're using the correct form.

Buying a home doesn't automatically mean you'll be able to deduct all your home expenses.
It may be better for you to claim the Standard Deduction because it's more than all your itemized deductions, like mortgage interest, PMI, points, property taxes, state income taxes, etc.

Using the Standard Deduction is a good thing. It means you were able to deduct more from your income but you didn’t have to pay out of pocket more than your standard deduction.

For additional information, see I bought a house, what can I deduct?I bought a house, what can I deduct?

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