Maximize your homeowner tax deductions and credits

Should you itemize?

by MIKE HALL, Owner/Agent/Broker

Tax forms

Most individuals take the standard deduction on their federal taxes. The standard deduction for the 2023 tax year is $13,850 for single or married filing separately, $27,700 for married filing jointly, and $20,800 for heads of household.[1] However, if you decide to itemize, what expenses can you deduct on your annual taxes?

Qualified expenses that you can deduct include:[2]

There are also expenses you cannot deduct:[3]

  • Insurance (other than mortgage insurance)
  • Amount paid toward the principal of the mortgage
  • Wages paid for domestic help (i.e. housekeeper)
  • Depreciation
  • Cost of utilities (i.e. gas, water, electricity, internet)
  • Most settlement or closing costs
  • Forfeited deposits, down payments
  • HOA fees or condo fees
  • Home repairs

What federal resources are available for homeowners:

Talk with the experts—your realtor and accountant--before filing your taxes.

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