Life Events


Back

Home

Bought Home

Additional Itemized Deductions

Since most people can itemize once they have a mortgage, this also means you may now be able to deduct a wide range of other expenses, including cash and noncash donations to charities, state and local income taxes, personal property taxes, unreimbursed employee business expenses and other miscellaneous deductions. See Publication 529 for more information at www.irs.gov


Itemized Deductions for the Home Owner

The following items may be deductible as an itemized deduction for home owners: Real Estate Taxes, Home Mortgage Interest, Points paid to secure a mortgage loan, and Mortgage Insurance Premiums. For more information on Tax Information for Homeowners See Publication 530 at www.irs.gov


Itemized Deductions vs. Standard Deductions

Your home purchase can be a wonderful tax advantage. You may be able to benefit from itemizing your deductions instead of taking the standard deduction. For most people for 2013  the standard deduction is as follows:

  • $6,100 - Single
  • $12,200 - Married Filing Joint
  • $12,200 - Qualified Widow
  • $6,100 - Married Filing Separate
  • $8,950 - Head of Household