New home owners qualify for several tax breaks, but they may overestimate how much they'll benefit.
If you bought a home last year or this year, good for you. Easier said than done. But new homeowners, like you, need to understand the tax angles. We are here for you. Please read on.
Mortgage interest If you bought a home last year or this year, you can claim an itemized deduction for the interest on up to $750,000 of mortgage debt that was used to acquire or improve the place, or up to $375,000 if you use married filing separate status. These limits apply through the end of 2025.
Property taxes You can claim an itemized deduction for state and local real property taxes. However, through 2025, you cannot deduct more than $10,000 for state and local property and state and local income taxes combined, or $5,000 if you use married filing separate status. How itemizing affects your tax bill You’re a married joint-filer and would have claimed the joint-filer standard deduction of $25,100 in 2021 if you had not bought a home last year. But you did buy one, so you claimed itemized deductions for $20,000 of mortgage interest and $7,000 of property taxes. You also paid $3,000 in state income taxes. So, on your 2021 Form 1040, your itemized deductions totalled $30,000 .
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