Homeownership opens the door to valuable tax breaks. Ensure you aren't leaving money on the table this tax season.
Key Takeaway: Discover the most valuable tax deductions available to homeowners in 2025 and how to claim them.
Major Deductions
- Mortgage Interest: Deductible on the first $750,000 of indebtedness.
- Property Taxes: Deductible up to $10,000 (SALT cap applies).
- Home Office: Deductible if you are self-employed and use the space exclusively for business.
Updates and Credits
Energy-efficient upgrades (solar panels, windows) often qualify for tax credits, which are dollar-for-dollar reductions in your tax bill, better than deductions.
Frequently Asked Questions
How can I lower my taxable income?
Contribute to 401(k)s, HSAs, and IRAs to reduce taxable income.
What is the standard deduction?
For 2025, it is $15,000 for single filers and $30,000 for married filing jointly (est).
When are taxes due?
Typically April 15th, unless it falls on a weekend or holiday.
Conclusion
Keep good records of improvements and interest statements. Consult a tax professional to ensure you maximize your homeowner benefits.