This is mostly concerning our 2017 taxes:
We purchased a house in 2016. I understand that interest and property tax are deductible. Our combined monthly interest/tax will be about $1400/month ($16800/year). I imagine it makes sense to itemize deductions for 2017,since we'd be above the standard? It would also make sense to make, and claim, donations?
As for 2016 taxes, itemizing wouldn't do anything for us since we'd have paid only ~$4000 in interest/taxes? Just making sure I understand how the standard deduction works.
Submitted January 07, 2017 at 09:14AM by _ALLLLRIGHTY_THEN http://ift.tt/2jeLrXw
