If you're a homeowner in the US, getting ready to file your taxes this season, it's essential to know what deductions you qualify for. The good news is that many homeowners are eligible for these tax breaks, and they can significantly reduce your tax liability.
According to Kate Wood, a lending expert from NerdWallet, "Everyone's situation is different," when it comes to claiming tax deductions as a homeowner. Your income level, location, and type of property you own all play a role in determining which deductions are available to you.
One of the biggest tax breaks for homeowners is the mortgage interest deduction. However, this benefit has decreased since the 2017 Tax Cuts and Jobs Act, when the standard deduction was nearly doubled. Still, if you itemize your expenses, including mortgage interest, state and local taxes, charitable donations, and other eligible costs, you can claim a significant deduction.
The IRS allows homeowners to deduct up to $750,000 of mortgage debt, or $375,000 for married couples filing separately. Other common deductions for homeowners include home equity loan and HELOC interest, as well as expenses related to a home office if you're self-employed.
However, there are some important rules to keep in mind when claiming these deductions. For example, if you took out a home equity loan to consolidate debt, the interest on that loan is not deductible. Similarly, if you claim a deduction for home office expenses, you must be self-employed and work from home regularly.
This tax season, there are two significant changes that homeowners should be aware of. First, the state and local tax (SALT) deduction has been expanded to allow taxpayers to deduct up to $40,000 in combined property taxes and either state and local income taxes or sales taxes. This means that single filers can now deduct up to $40,000, while married couples filing separately can deduct up to $20,000 each.
The second major change is the elimination of energy-focused home improvement tax credits. To qualify for these credits this year, you must have completed your energy upgrades in 2025 and meet specific requirements.
In summary, as a homeowner in the US, getting ready to file your taxes this season, it's crucial to know what deductions you qualify for and how they can benefit your bottom line. By understanding the various tax breaks available to homeowners, you can optimize your tax strategy and minimize your tax liability.
According to Kate Wood, a lending expert from NerdWallet, "Everyone's situation is different," when it comes to claiming tax deductions as a homeowner. Your income level, location, and type of property you own all play a role in determining which deductions are available to you.
One of the biggest tax breaks for homeowners is the mortgage interest deduction. However, this benefit has decreased since the 2017 Tax Cuts and Jobs Act, when the standard deduction was nearly doubled. Still, if you itemize your expenses, including mortgage interest, state and local taxes, charitable donations, and other eligible costs, you can claim a significant deduction.
The IRS allows homeowners to deduct up to $750,000 of mortgage debt, or $375,000 for married couples filing separately. Other common deductions for homeowners include home equity loan and HELOC interest, as well as expenses related to a home office if you're self-employed.
However, there are some important rules to keep in mind when claiming these deductions. For example, if you took out a home equity loan to consolidate debt, the interest on that loan is not deductible. Similarly, if you claim a deduction for home office expenses, you must be self-employed and work from home regularly.
This tax season, there are two significant changes that homeowners should be aware of. First, the state and local tax (SALT) deduction has been expanded to allow taxpayers to deduct up to $40,000 in combined property taxes and either state and local income taxes or sales taxes. This means that single filers can now deduct up to $40,000, while married couples filing separately can deduct up to $20,000 each.
The second major change is the elimination of energy-focused home improvement tax credits. To qualify for these credits this year, you must have completed your energy upgrades in 2025 and meet specific requirements.
In summary, as a homeowner in the US, getting ready to file your taxes this season, it's crucial to know what deductions you qualify for and how they can benefit your bottom line. By understanding the various tax breaks available to homeowners, you can optimize your tax strategy and minimize your tax liability.
I think most people aren't aware of these tax deductions as a homeowner... like, mortgage interest deduction is super important 
but there's so much info out there it can be overwhelming trying to figure out which ones you qualify for 
and the rules can change so you have to stay on top of it... 
. I just want to own a house and not have to deal with this stuff. Can someone explain it to me in simple terms? Like, what's the big deal about state and local taxes? Is it like having to pay more money upfront when buying a house or something? And what's with all these limits on what we can deduct? $750,000 for mortgage debt? That's just crazy 
. I mean, who doesn't love saving money, right? 
But seriously, it's really important to know what you're eligible for and how to claim them properly. I've seen people get stuck on this stuff before, so don't be afraid to do some research or consult with a tax expert if needed. And yeah, the SALT deduction change is a big win for homeowners, especially those in high-tax states 
. Just remember to keep track of all your expenses and receipts, 'cause that's where the magic happens! 
the whole mortgage interest deduction thing is soooo confusing 
but seriously, if you're self-employed or own a lot of property, you're probably eligible for some decent deductions 
but what really grinds my gears is all the rules and exceptions... like, can we just simplify this already? 
and those energy-focused home improvement tax credits? ugh, who knows if you qualify anymore 
. But seriously, with all these changes, it's gonna be a wild ride filing taxes this year. I mean, who doesn't love dealing with forms and numbers? Can we just deduct the time we spend doing our taxes from our income instead? Like, a 'tax deduction for procrastination' or something