What kind of income tax return should I expect, considering my situation.?

Question

Took out $10,000 from an IRA to put down on a house, we closed late December. Also paid half year property tax upfront.
I realize the 10g will be taxed as income, but what kind of breaks do we get for buying a house. Obviously we don't have much interest paid towards our mortgage, nor have we saved much receipts last year b/c we were'nt planning on buying a house. In this situation would we still go with a standard deduction or try to itemize?

Answer 1

Since you bought the house late in the year, you probably won't get much if any benefit from it on this year's taxes. Add up your potential itemized deductions - if they're higher than your standard deduction, then go ahead and itemize, but don't be disappointed if they're not.

Answer 2

In this situation the standard deduction will probably be higher than the itemized. Unless, you paid points on the loan when you originated. If you did pay points re-post this question with that info.