Which Homeowner Tax Deductions Can You Claim in the U.S.?
Which Homeowner Tax Deductions Can You Claim in the U.S.? Owning a home comes with more than just pride and monthly payments — it can also bring significant tax savings. Here are the top homeowner tax deductions you may qualify for in the U.S., and how to make the most of them. 🏡 1. Mortgage Interest Deduction If you itemize your deductions, you can deduct: Interest paid on a mortgage of up to $750,000 (for loans taken after 2017) For older loans (before Dec 15, 2017), the limit may be $1 million Applies to your primary residence and second home 🏠 2. Property Taxes You can deduct up to $10,000 ($5,000 if married filing separately) for: State and local property taxes This is part of the SALT (State and Local Tax) cap 💰 3. Mortgage Insurance Premiums (PMI) If your income is below certain thresholds, PMI may be deductible: This includes private mortgage insurance, FHA mortgage insurance, and VA funding fees Deduction phases out for higher-in...