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Home Buying Tax Deductions

Updated for Tax Twelvemonth 2022 • January 21, 2022 05:03 PM

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OVERVIEW

Yous know that you tin can get an income tax deduction on the mortgage interest yous pay. Just there are other revenue enhancement deductions yous can take on your primary residence or second home -- such equally belongings taxes.

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The following can exist eligible for a tax deduction:

• Your property taxes. Don't forget to include whatever taxes y'all may have reimbursed the seller for.  These are taxes the seller had already paid earlier y'all took ownership. Y'all won't get a 1098 report listing these taxes. Instead, that corporeality will be shown on the settlement sheet. Showtime in 2018, state and local taxes, including property taxes, are limited to $x,000 per year.
• The mortgage interest on your primary residence, equally well as on a 2d residence. (There are limits, simply relatively few taxpayers are affected.)
• The involvement on up to $100,000 borrowed on a dwelling house equity loan or dwelling house equity line of credit, regardless of the reason for the loan (for tax years prior to 2022 merely).
• Points that y'all paid when you purchased the business firm (or those that you convinced the seller to pay for you lot).
• Habitation improvements required for medical care.

How much tin I salve?

The actual corporeality of coin you save on your annual income taxation bill depends on a diversity of factors:

• Your filing status (single, caput of household, married filing jointly, married filing separately)
• Your standard deduction amount
• Your other itemized deductions
• Your taxable income

Your dwelling house-related itemized deductions, plus your other itemized deductions must add together up to more than the standard deduction or they won't save y'all any coin.

What tin't I deduct?

You can't deduct the post-obit payments for a personal residence:

• Dues to a homeowners association
• Insurance on your habitation
• Appraisal fees for your domicile
• The cost of improvements to your home, except in the relatively rare case where they authorize equally a medical expense. (But keep those receipts. They may help reduce your taxes when y'all sell your home.)

TurboTax volition search over 350 deductions to get your maximum refund, guaranteed. If you lot're a homeowner, TurboTax Deluxe gives yous footstep-by-step guidance to assist turn your biggest investment into your biggest tax break.

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The to a higher place article is intended to provide generalized financial information designed to brainwash a broad segment of the public; information technology does not requite personalized tax, investment, legal, or other business organisation and professional person advice. Before taking any activeness, you lot should e'er seek the assistance of a professional who knows your detail situation for communication on taxes, your investments, the law, or any other business and professional matters that bear on you lot and/or your business.

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Source: https://turbotax.intuit.com/tax-tips/home-ownership/home-ownership-tax-deductions/L7nXpU8Xz

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