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Real Estate

Tax Deductions and Benefits of Owning a Home

What are the many tax benefits of owning a home? Find out how owning real estate might be able to ease your tax burden.

Home Ownership

Owning a home offers a tremendous amount of tax benefits. Find out how home ownership can ease some of your tax burden. Here are some tax breaks homeowners can take advantage of to make sure you are getting all the benefits from your home ownership.

Mortgage Interest

The mortgage interest deduction is capped at interest paid on no more than $750,000 of the principal. If you have a mortgage that went into effect before Dec. 15, 2017, you can continue to deduct interest on loans up to $1 million.

You can still deduct interest on the proceeds from an equity line that were used to improve your home, as long as the total principal from the first mortgage and the equity line don’t exceed the original mortgage or the $750,000 cap. 

Tip/Help

If you own a home, you might be able to deduct various expenses, like real estate taxes, property taxes, and state and local income or sales taxes of up to $10,000, and mortgage interest.

Property Taxes

You may deduct a total of $10,000 of all taxes, real estate and personal property taxes and state and local income or sales tax. Taxpayers that live in high income or high property tax states may be limited to a lesser amount of taxes than what was actually paid.

Private Mortgage Insurance (PMI)

At this time, mortgage insurance premiums are no longer allowed as an itemized deduction.  

Why Jackson Hewitt®?

We’ll work hard for you

Our Tax Pros will answer your questions, provide tax tips, and help you get smarter about your money.

We know our stuff

Jackson Hewitt is a leader in the tax industry, having prepared millions of tax returns in more than 35 years.

We’ll make it easy

We’re committed to helping you, fast and efficiently. Taxes done how you want and when you want.