{"id":48482,"date":"2024-09-24T14:36:53","date_gmt":"2024-09-24T21:36:53","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=48482"},"modified":"2024-09-24T14:36:53","modified_gmt":"2024-09-24T21:36:53","slug":"tax-deductions-for-homeowners","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/tax-deductions-for-homeowners\/","title":{"rendered":"6 Tax Deductions for Homeowners (And Other Savings)"},"content":{"rendered":"<p>Owning a home comes with more than just the joy of having a place to call your own \u2014 it can also provide some valuable tax breaks. In this guide, we\u2019ll break down the key tax deductions for homeowners, the questions you should ask to decide if itemizing is right for you, and other savings opportunities you shouldn\u2019t miss.<\/p>\n\n\n\n\n\n<div class=\"geo-cta widget-cta widget-cta--content     widget-cta--dark widget-cta--dark-blue-gradient\">\n    <div class=\"widget-element--content\">\n        <div class=\"widget-element--content-header\">\n            <img decoding=\"async\" alt=\"homelight logo\" class=\"widget-element--logo\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/themes\/ccprototypev5\/images\/logo-small-cta.png\" width=\"106\" height=\"25\" \/>\n        <\/div>\n        \n                <h3 class=\"cta-headline widget--bold\">How Much Is Your Home Worth Now?<\/h3>\n                        <p>Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight&#8217;s free Home Value Estimator.<\/p>\n        \n                <div class=\"widget-element--buttons\">\n            <a data-type=\"In Content CTA\" href=\"https:\/\/www.homelight.com\/simple-home-value\/quiz?#\/qaas=0\/\" class=\"cta-click-track widget-element--button\">Get Estimate<\/a>\n        <\/div>\n                    <\/div>\n<\/div>\n\n\n<p><em>Editor\u2019s note: This post is for educational purposes and is not intended to be construed as financial or tax advice. HomeLight encourages you to reach out to an advisor.<\/em><\/p>\n<h2>First, review the standard deduction<\/h2>\n<p>To claim most tax deductions for homeowners, you\u2019ll need to itemize on your tax return. But first, it\u2019s essential to understand the <a href=\"https:\/\/www.irs.gov\/publications\/p505\">standard deduction<\/a>, which is a set amount you can deduct from your income without having to itemize.<\/p>\n<p>For 2024, the standard deduction amounts are as follows:<\/p>\n<ul>\n<li aria-level=\"1\">$14,600 for single filers<\/li>\n<li aria-level=\"1\">$29,200 for married couples filing jointly<\/li>\n<li aria-level=\"1\">$21,900 for heads of household<\/li>\n<\/ul>\n<p>If your total deductions don\u2019t exceed these amounts, it\u2019s usually better to take the standard deduction. However, itemizing might lead to more significant savings depending on your specific expenses.<\/p>\n<h2>Should you itemize? Ask these questions<\/h2>\n<p>Tax professionals recommend reviewing certain key areas to decide if you should itemize your deductions. Ask yourself:<\/p>\n<ul>\n<li aria-level=\"1\">Did I have large medical or dental expenses?<\/li>\n<li aria-level=\"1\">Did I pay mortgage interest?<\/li>\n<li aria-level=\"1\">Did I pay real property taxes?<\/li>\n<li aria-level=\"1\">Did I experience losses due to a disaster?<\/li>\n<li aria-level=\"1\">Did I make significant donations to a charity?<\/li>\n<li aria-level=\"1\">Do I qualify for other major itemized deductions (impairment-related work expenses, etc.)?<\/li>\n<\/ul>\n<p>By answering these initial questions, you can get a better sense of whether itemizing your deductions will save you more money than taking the standard deduction. Many online tax filing services will ask questions like these at the beginning of their processes.<\/p>\n<p>If you decide to itemize, here are six potential tax deductions for homeowners:<\/p>\n<div id=\"section--1\" data-toc-header=\"1. Mortgage interest\" data-toc-type=\"head\"><\/div>\n<h2>1. Mortgage interest<\/h2>\n<p>One of the most significant tax deductions for homeowners is the <a href=\"https:\/\/www.irs.gov\/publications\/p936\">mortgage interest deduction<\/a>. If you have a mortgage on your home, you can typically deduct the interest you paid on loans up to $750,000 ($375,000 if married filing separately). For mortgages taken out before December 16, 2017, the limit is higher \u2014 up to $1 million ($500,000 if married filing separately).<\/p>\n<p>For example, if you paid $10,000 in mortgage interest last year, you can deduct that amount, lowering your taxable income. Be sure to review your <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1098\">Form 1098<\/a>, which your lender will provide, to see exactly how much interest you paid.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover the top tax deductions for homeowners, plus credits and exemptions to help you save on your taxes. Learn what you can and can\u2019t deduct.<\/p>\n","protected":false},"author":298,"featured_media":48483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[343,322],"tags":[],"class_list":["post-48482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finances","category-logistics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>6 Tax Deductions for Homeowners (And Other Savings)<\/title>\n<meta name=\"description\" content=\"Discover the top tax deductions for homeowners, plus credits and exemptions to help you save on your taxes. 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