Tax Information for Home Owners

Tax Information for Home Owners

real estate What You Can and Cannot Deduct

To deduct expenses of owning a home, you must file Form 1040 and itemize your deductions on Schedule A (Form 1040). If you itemize, you cannot take the standard deduction. See the Form 1040 instructions if you have questions about whether to itemize your deductions or claim the standard deduction.

This section explains what expenses you can deduct as a homeowner. It also points out expenses that you cannot deduct. There are two primary discussions: taxes and home mortgage interest. Generally, your real estate taxes and home mortgage interest are included in your house payment.



Penny for your thoughts?
How about a chance to win a new iPod!