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Hi, my name is Mark. I will be happy to help you with your questions. If your home purchase is $540K the entire amount of mortgage interest will be deductible. Other items that would be deductible would be property taxes, state tax, personal property taxes (auto registration), charitable donations.
No, you would either get the standard deduction of $12,700 or the total of your itemized deductions. Whatever amount is higher. The itemized deductions appear on schedule A of the tax return. (medical expenses, taxes, interest, charitable donations, and other misc deductions). Here is a copy of schedule A. https://www.irs.gov/pub/irs-pdf/f1040sa.pdf