Homeownership Tax Perks You Shouldn’t Ignore

Homeownership Tax Perks You Shouldn’t Ignore

  • Adam Pretorius
  • 03/3/25

Owning a home comes with big tax advantages that can save you thousands each year. Here’s a quick breakdown of the key benefits:

Mortgage Interest Deduction – Homeowners who itemize deductions can write off mortgage interest on loans up to:
• $750,000 (if purchased after Dec. 15, 2017)
$1 million (if purchased before Dec. 15, 2017)

Property Tax Deduction – You can deduct state and local real estate taxes up to:
$10,000 per return ($5,000 if married filing separately)

Home Office Deduction – If you’re self-employed and use part of your home exclusively for business, you can deduct:
$5 per square foot, up to 300 sq. ft.

Energy-Efficient Upgrades – Homeowners can claim a 30% tax credit on certain energy-efficient home improvements, including:
• Insulation, heat pumps, water heaters, and energy-efficient windows (up to $3,200/year)
• Solar panels, geothermal systems, and wind energy systems (no annual limit!)

Capital Gains Exclusion When Selling – If you sell your home for a profit, you may avoid taxes on:
$250,000 in gains (single filers)
$500,000 in gains (married filers)
Applies if you’ve lived in the home for at least 2 of the last 5 years.

Owning a home isn’t just about building wealth—it’s also about keeping more of your hard-earned money. Take advantage of these tax perks while they last!

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His passion for marketing and seasoned experience brings a depth of knowledge and is a powerful resource for any home seller or buyer. He is driven to find creative solutions for your next move.

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