First Year With Mortgage

Home › Forums › General Discussion › 2022 Tax Season › First Year With Mortgage

  • This topic has 1 reply, 1 voice, and was last updated 3 years ago by Bigfrog.
  • Topic Starter
  • January 25, 2022 at 3:39 am #4503239
    Motherof3TaxCredits

      Hi! The title says it all – this is our first year dealing with all things mortgage. Anyone have tips or info? The most I know at this moment is that we should expect a 1098 or 1099 (?). No clue what to do with it when it gets here. LOL – halp

    Viewing 0 reply threads
    • Author
      Replies
      • January 25, 2022 at 10:33 am #4503300
        Bigfrog

          You get a 1098 that tells you how much interest you paid on your mortgage for the year. Afaik, it’s only used if you itemize deductions – you have enough stuff like medical expenses, taxes paid, mortgage interest, etc. that when added together is more than the standard deduction. For example, for me, I’m single and this year the standard deduction is 18,800 I believe. It is higher when filing married. This portion of your income is not taxed.

      • Author
        Replies
      Viewing 0 reply threads
      • The forum ‘2022 Tax Season’ is closed to new topics and replies.

      igotmyrefund.com (IGMR) is not affiliated with any government agencies. The information we provide is purely speculative. We derive our information from personal experiences and comments from users. We attempt to maintain the most relevant and accurate information available. However, we are neither responsible for false information nor the timeliness of refund status and delivery. DO NOT post the amount of your refund, account numbers or social security number. By commenting you agree that IGMR cannot be held liable for what others may do with your information. We allow comments subject to our sole discretion. If your comment is held for moderation please read How We Moderate Comments HWMC. The links on our site are affiliate links. If you buy something after clicking a link, we may make a small amount of money to support the cost of maintaining and improving the site. This website is owned and independently operated apart from advertisers and is only an affiliate to the companies displayed in ads.