Itemized Deductions: Homeowners

Maximize your tax savings by understanding the deductions available to homeowners. This guide covers key itemized deductions, including real estate taxes, mortgage interest, and home equity debt. It explains the criteria for deductible expenses, such as property taxes and home mortgage interest, and details special situations like refinancing and medically necessary home improvements. Ideal for homeowners seeking to optimize their tax benefits.

Highlights:

• Real Estate Taxes: Deductible for U.S. properties, with limits on state and local taxes.

• Mortgage Interest: Deduction limits based on acquisition debt and home equity debt, with special rules for loans refinanced after December 15, 2017.

• Points and Fees: Deductibility of points paid on mortgages and non-deductibility of certain loan service fees.

• Medical Expense Deductions: Deductions for home improvements made for medical reasons, subject to specific conditions.

• Casualty and Theft Losses: Deductible losses for homes in federally declared disaster areas.