It looks as though I could get taxbreak on my house, can I use it?

Forum|Forum|2 years ago
April 3, 2024
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Can take tax break on property?
It

TurboTax Live Basic Online

Possibly. If you are paying mortgage interest and property taxes, you can claim them as Itemized Deductions.

Itemized expenses include mortgage interest, charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.

Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your mortgage interest or property taxes.

The 2023 Standard Deductions are as follows:

Married Filing Joint (MFJ) $27,700
Married Filing Separate (MFS) $13,850
Head of Household (HOH) $20,800
Single $13,850

Blind or over 65 and MFJ or MFS add $1,500

Single or HOH if blind or over 65 add $1,850

Standard versus Itemized Deduction

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You are posting from a version of online that does not support entering itemized deductions. Before you plunge into entering mortgage interest and property taxes, take a hard look at the amount you might be able to deduct. If it will not exceed your standard deduction, entering those amounts will trigger an upgrade to a more expensive version of the software and have no effect on your tax due or refund.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**