Tax Deductions for Homeowners

You can deduct mortgage interest, property taxes and other expenses up to specific limits if you itemize deductions on your tax return.
Barbara Marquand
By Barbara Marquand 
Updated
Edited by Mary Makarushka Reviewed by Michelle Blackford
Taxes for homeowners

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Tax deductions for homeowners can add up to thousands of dollars, but claiming them is worth the trouble only if all your itemized deductions exceed the IRS standard deduction.

The standard deduction is a specific dollar figure you can subtract from your adjusted gross income on your federal taxes. The deduction, set each year by the IRS, varies based on tax-filing status and is typically allowed without question.

The standard deduction for the 2023 tax year (for taxes due in April 2024) is:

Itemized deductions are for certain expenses permitted by the IRS to reduce your taxable income. If you itemize, you’ll need to keep careful records in case of an IRS audit.

If the sum of the deductions you qualify for is more than the standard deduction, then itemize to reduce your tax bill. Here are the tax deductions for homeowners to include in the calculation.

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