Tax Benefits for Homeowners

January 26, 2021
A joyful couple embraces in a bright, unfurnished living room with large windows. Cardboard boxes and a small potted plant are scattered on the hardwood floor, suggesting they are moving in. The woman is being lifted off her feet by the man.

If you own a home, you’re eligible for several special tax breaks. But many of these rules changed over the past few years, especially after the Tax Cuts and Jobs Act was signed in December 2017. Here are some of the key tax benefits of owning a home, and how homeowners can make the most of the new rules. HB Principal Mike Landsberg, CPA, CFP®, CPWA, PFS gave his advice on some of these benefits.

  • New rules for deducting mortgage interest.
  • Limited deduction for home-equity loans.
  • Deduction cap for property taxes.
  • Home-office deduction for self-employed only.
  • Tax exclusion for home-sale profits.

Read the full article here

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