Have You Considered These Homeownership Tax Deductions?

With the tax filing deadline approaching, now is the perfect time to double-check if you're maximizing your home-related deductions. Many homeowners overlook valuable tax benefits that could lower their tax bill or increase their refund.

While you should always consult a licensed tax professional, here are some key deductions and credits to check:

✅ Mortgage Interest Deduction – If you have a mortgage, the interest you paid over the past year may be deductible, reducing your taxable income. Check your Form 1098 from your lender for details.

✅ Property Tax Deduction – State and local property taxes can often be deducted on federal returns (up to $10,000 for single filers and married couples filing jointly). Make sure to include all payments made in 2023.

✅ Home Office Deduction – If you work from home, you may qualify for a home office deduction—but the space must be used exclusively for business. You could deduct a portion of utilities, rent, or even depreciation for homeowners.

✅ Energy-Efficient Home Improvements – Upgraded to solar panels, energy-efficient windows, or a new HVAC system? You may qualify for tax credits under the Inflation Reduction Act—some covering up to 30% of installation costs!

✅ Medical Home Modifications – Installed wheelchair ramps, widened doorways, or made other medically necessary modifications? Some expenses may be deductible if they exceed a certain percentage of your income.

To make tax filing easier, save these documents:

📄 Mortgage interest statements & property tax receipts
💡 Utility bills (if claiming a home office deduction)
🛠 Receipts & invoices for home improvements
🌱 Energy efficiency certifications (for qualifying upgrades)

Most home upgrades aren’t immediately deductible, but they can help reduce capital gains taxes when you sell. Keep records of major renovations—new roofing, kitchen remodels, or energy-efficient upgrades—to boost your cost basis and save when it’s time to move.

If you have tax questions, consult a professional before the filing deadline.

And if you’re thinking about your next real estate move, just reach out—I’m here to help!