Buying A House Tax Return Online

: You can deduct the interest paid on up to $750,000 of mortgage debt ($375,000 if married filing separately) for homes purchased after December 15, 2017. This cap was made permanent under recent tax law changes.

You should only itemize if your total deductible expenses—including mortgage interest, property taxes, and charitable gifts—exceed these thresholds. Top Tax Deductions for Homeowners

To claim most homeownership-related tax breaks, you must on Schedule A of Form 1040 instead of taking the standard deduction. For the 2026 tax year, the standard deduction amounts are: Married Filing Jointly : $32,200 Single / Married Filing Separately : $16,100 Head of Household : $24,150

: If you paid "points" at closing to lower your interest rate, you can typically deduct the full amount in the year of purchase for a primary residence.