Home equity, taxes, mortgage deduction?

I would like some information on the best possible way to file my taxes.

here is my breakdown.

I make 50,000 a year, my wife makes less than 15,000 because she watches our son.
I bought my home last year in July. The home was purchased at 189,000 @5% on a 30 year mortgage.
This year in July, me and my wife put $ 144,000 down on the house, took a home equity loan and now owe 70,000 on a 15 year, 4.125% interest rate

What are my options for filing taxes. Do we even pay enough in mortgage interest to qualify for a tax deduction on mortgage interest?

Also, do we owe anything, like inheritance tax on the $ 144,000. This was straight cash and not an estate? We live in Washington state. Any help would be greatly appreciated!
My current mortgage is 562 a month. out of that , around 300-400 of that is in interest. so, will 3,000-5,000 a year in interest be enough to qualify, or is there an amount which i first have to reach in paying interest before qualifying?
norman, i put 144,000 on the house, which meant, after consolidating our debt, came out to 56,000 still owed, we received an additional 19,000 in equity to fix our boat, buy a truck to pull the boat, pay upcoming hospital expenses for our childs birth, and to put 10,000 back into our retirement savings. All intelligent moves. i have since taken from the retirment again, but with a 1.65 interest rate, that went directly back on the house. i am not losing investment on my retirement because all the funds go back into the stock that never depreciates but goes uo like a turtle. like 3 cents a month…lol

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