Do you itemize on your 1040 (federal individual income tax return)? On your Schedule A you can claim your real estate taxes, your mortgage interest, state and local income taxes paid, and charitable contributions along with medical expenses (above 7.5% of your adjusted gross income) and job and miscellaneous deductions (above 2% of your AGI).
That total (unless it is reduced due to incomes over $159,950 for marrieds) carries forward to page 2 of your 1040. If your total does not exceed the standard deduction, you will claim $10,900 on a Married Filing Jointing return. If your real estate taxes exceed $1,000 your standard deduction will be increased to $11,900.
Just beyond that point of your return you reduce your income by exemptions claimed. If it's just you and your spouse, you claim 2 exemptions which are valued at $3,500 each.
Many couples will reduce their AGI by $18,900 to reach their taxable income. Just thought you'd like to start thinking about your taxes as you gather your documents over the next few weeks.
'til later
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