Everyday Law & Life

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...

Can You Deduct Medical Expenses on Your Taxes in the U.S.? Here's What Qualifies Medical bills can add up fast — but did you know that some of those expenses may be deductible on your taxes ? Let’s explore when and how you can claim medical expense deductions in the U.S., and what qualifies under IRS rules. 🧾 What Is the Medical Expense Deduction? You may be able to deduct qualified unreimbursed medical expenses — but only if you itemize deductions on your tax return. 🔍 They must exceed 7.5% of your Adjusted Gross Income (AGI) to be deductible. 💡 Example: AGI: $60,000 7.5% of AGI = $4,500 If your out-of-pocket medical costs = $7,000 → You can deduct $2,500 on Schedule A ✅ What Medical Expenses Qualify? You can deduct: Doctor, dentist, surgeon, chiropractor, psychiatrist fees Hospital services & nursing care Prescription medications & insulin Health insurance premiums (if not employer-paid) Long-term care costs Medical eq...