Often a home buyer thinks of the mortgage interest and property tax deductions as one of the benefits to ownership. True enough but ONLY of you Itemize using 1040 Sch A.
With the recent yearly increases in the Standard Deduction allowed, even those with mortgage interest and property tax might yet have a steep climb to best the Standard Deduction.
For 2022 the Joint Standard Deduction of $25,900 will be hard to beat. Single filers get $12,950 and Heads of Household get $19,400.
My advice is to review a Sch A looking for any potential deductions that can be itemized. I always run this as a comparison for clients. It doesn't take long but you must have the amounts in hand to tally it up. In simplicity, if you can beat the Standard Deductions allowed for your filing status, then Itemize.
One trick is to bunch deductions into a year to hit Itemized thresholds. Advanced paying can be arranged too but many will not want to receive the advanced payment because it serves to increase their income. That can become a win/lose proposition. I usually invite my clients to advance pay tax prep fees. It acts like a discount.
In closing, take the time to review Sch A https://www.irs.gov/forms-pubs/about-schedule-a-form-1040
You might just be glad you did.
Best,
Donn Marier
DM-Your Own CFO