Buying a house doesn’t give you one big flat “tax write-off” — but it does open the door to several deductions that can add up to thousands in savings every year. Here’s what you can usually deduct:
🏡 Major Tax Write-Offs for Homeowners
✅ Mortgage Interest – The biggest deduction for most homeowners. You can write off interest paid on up to $750,000 of mortgage debt (for most people, that’s your entire loan).
✅ Property Taxes – You can deduct up to $10,000 in combined state and local property taxes (SALT deduction).
✅ Mortgage Points – If you bought points to lower your interest rate, those may be deductible.
✅ Private Mortgage Insurance (PMI) – In some years, PMI is tax-deductible if your income is under certain limits.
💡 What This Means for You
How much you save depends on:
- Your loan size & interest rate
- Your property tax bill
- Whether you itemize deductions instead of taking the standard deduction
For some buyers, this can add up to $5,000–$15,000 or more in deductions for the first year.
At Trealtorr, we don’t just help you buy the house — we make sure you understand how to maximize every dollar you can save come tax time.
📲 Call or text us today at +1 (347) 831-6085 we’ll help you find a home and show you how to take advantage of all the homeowner tax benefits!