I am buying a house this month. My first home for my wife and I. Everyone says many great things as being a homeowner and one is they keep saying is the tax breaks… But I think they are wrong. Or I am wrong.
My wife and I have always filed with the standard deduction, because we never have that much stuff to claim (no kids either) but with a $130K mortgage ($500 a month in interest) it seems it won't add up like they say to the $12K SD. My property taxes will only be $800 a year too.
Am I missing something?
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What will my tax situation look like as a home owner?