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Learning, Sharing, and Teaching => Taxes => Topic started by: FITortoise on February 05, 2019, 10:28:05 PM

Title: Tax deductions related to home ownership
Post by: FITortoise on February 05, 2019, 10:28:05 PM
A new homeowner, I wonder if you can share what tax deductions are available related to home ownership. Here are the main items that I have:
- Mortgage interest
- Real estate property taxes
- Energy efficient improvements

Points towards loan looks possibly deductible as well. Are there other major items to consider? Thank you all.
Title: Re: Tax deductions related to home ownership
Post by: seattlecyclone on February 06, 2019, 10:59:43 AM
I think that covers the big ones. Also any sales tax you pay on a new home or major addition/renovation to your existing home counts as a "specified item" that you can add on to the standard sales tax deduction if you choose to deduct your sales tax instead of state income tax.