Tax season is here which has many of us thinking about tax deductions. For homeowners it’s important to understand what tax deductions are available as well as understand the changes brought on by the new tax plan, the 2017 Tax Cuts and Jobs Act. The biggest change for 2022 is the standard deduction jump. The higher dollar amount means that homeowners (depending on their filing status) will need to dig deeper into all of their home expenses to see if their total tops the standard deduction. To help, we found a list of some of the potential tax breaks available for homeowners.
Your Home Tax Deduction Checklist: Did You Get Them All?
- Mortgage Interest
- Mortgage Points
- Private Mortgage Insurance
- Home Equity Debt Interest
- Property Taxes
- Energy Efficient Upgrades
- Home Office Deduction
To learn more details about each of these potential tax breaks available for homeowners, read Your Home Tax Deduction Checklist: Did You Get Them All? For assistance with your taxes and discovering what tax deductions may available to you, please reach out to your accountant or CPA. If you have questions about the local real estate market, please give us a call today.
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