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Homeowner Tax Deductions Guide
Comprehensive guide to tax deductions available to homeowners including mortgage interest, property taxes, HOA fees, and home office deductions.
Key figures
- SALT cap: $10,000 federal limit (2024), rising to $40,000 (2025-2029) for most deductions
- Mortgage interest deduction limit: $750,000 in debt (post-12/15/2017 mortgages)
- State and local property tax deduction: capped under SALT
- HOA fees: generally not deductible unless used for rental property
- Home office deduction: $5 per square foot simplified method or actual expenses
Frequently asked questions
What can I deduct as a homeowner?
Mortgage interest, property taxes (up to SALT cap), HOA fees (if rental), home office expenses, and energy efficiency improvements in some cases.
What's the SALT cap and how does it affect me?
SALT cap limits state and local tax deductions to $10,000 (2024) or $40,000 (2025-2029). Property taxes over this limit cannot be deducted federally.
Is HOA fee deductible?
Not for primary residences. Only deductible if you rent out the property or use it for business.
Can I deduct property tax?
Yes, up to the SALT cap limit. This is one of the biggest homeowner deductions.
Should I itemize or take the standard deduction?
Itemize if your deductions (mortgage interest + property tax + other deductions) exceed the standard deduction. Otherwise, take the standard deduction.
Tax outcomes depend on whether you itemize, your filing status, and local rules. These are estimates, not tax advice. A tax professional or lender can confirm the details for your situation.