There are many tax benefits to owning a home. In fact, there are so many that it can be difficult to keep track of them all. This guide explains four of the most important tax benefits of owning a home. Remember, though, you should absolutely consult with a tax professional; this isn’t tax advice, but a guide to the benefits that may be available to you.

What Are the Tax Benefits of Owning a Home?

The four biggest tax benefits of owning a home include:

You can deduct mortgage interest
You can deduct property taxes
If you work from home, you can deduct your home office
You get tax credits for making energy efficient upgrades

Here’s a closer look at each.

Tax Benefit #1 of Owning a Home: You Can Deduct Mortgage Interest

One of the biggest tax benefits of owning a home is the ability to deduct your mortgage interest. This deduction can save you a significant amount of money, particularly if you’re in a high tax bracket.

To deduct your mortgage interest, you’ll need to itemize your deductions on your tax return. This means that you’ll need to total up all of your eligible expenses and claim them on your return.

If you’re not sure whether you should itemize or take the standard deduction, it’s generally a good idea to do some calculations to see which option will save you more money.

Tax Benefit #2 of Owning a Home: You Can Deduct Property Taxes

Another big tax benefit of owning a home is that you can deduct your property taxes. This deduction can also save you a significant amount of money, particularly if you live in an area with high property taxes.

To deduct your property taxes, you’ll need to itemize your deductions on your tax return. This means that you’ll need to total up all of your eligible expenses and claim them on your return.

If you’re not sure whether you should itemize or take the standard deduction, it’s generally a good idea to do some calculations to see which option will save you more money.

Tax Benefit #3 of Owning a Home: You Can Deduct Your Home Office

If you work from home, you can deduct your home office on your taxes. This deduction can be extremely valuable, as it can help offset the cost of maintaining your home office.

To deduct your home office, you’ll need to itemize your deductions on your tax return. This means that you’ll need to total up all of your eligible expenses and claim them on your return.

If you’re not sure whether you should itemize or take the standard deduction, it’s generally a good idea to do some calculations to see which option will save you more money.

Tax Benefit #4 of Owning a Home: You Get Tax Credits for Making Energy Efficient Upgrades

If you make energy efficient upgrades to your home, you may be eligible for tax credits. These credits can offset the cost of the upgrades and save you money on your taxes.

To claim these credits, you’ll need to file Form 5695 with your tax return. This form will detail the eligible upgrades and the amount of the credit that you can claim.

Keep in mind that not all energy efficient upgrades are eligible for tax credits. Be sure to check with the IRS before claiming any credits.

Owning a home comes with many tax benefits. Be sure to take advantage of all the deductions and credits that you’re eligible for. By doing so, you can save yourself a significant amount of money on your taxes.

$775,000

5 Bedrooms
5 Bathrooms
5,596 Sq Ft
0.890 Acres

3265 Foxridge Drive Jasper, Indiana

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Listing courtesy of Brenda Krempp from RE/MAX Local.

$724,600

3 Bedrooms
4 Bathrooms
4,319 Sq Ft
1.600 Acres

1015 W 15th Street Jasper, Indiana

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Listing courtesy of Caroline Gobert from ERA FIRST ADVANTAGE REALTY, INC.

$624,900

3 Bedrooms
2 Bathrooms
2,940 Sq Ft
14.820 Acres

1089 N 400W Jasper, Indiana

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Listing courtesy of Zach Holt from Whitetail Properties Real Estate.

$624,000

4 Bedrooms
4 Bathrooms
3,906 Sq Ft
0.595 Acres

3289 St Charles Street Jasper, Indiana

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Listing courtesy of Annette Wigand from ERA FIRST ADVANTAGE REALTY, INC.

$475,000

4 Bedrooms
4 Bathrooms
3,955 Sq Ft
1.200 Acres

980 W Twentieth St. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

$425,000

4 Bedrooms
3 Bathrooms
3,610 Sq Ft
1.300 Acres

1245 W 6th Street Jasper, Indiana

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Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.

$399,000

3 Bedrooms
2 Bathrooms
3,076 Sq Ft
1 Acres

3515 Villa Drive Jasper, Indiana

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Listing courtesy of Leanna Graves from RE/MAX REVOLUTION.

$399,000

3 Bedrooms
3 Bathrooms
2,650 Sq Ft
0.780 Acres

3264 Lakeside Dr. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

$360,000

4 Bedrooms
2 Bathrooms
3,490 Sq Ft
0.371 Acres

307 Newton Street Jasper, Indiana

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Listing courtesy of Tama Stemle from RE/MAX Local.

$340,000

4 Bedrooms
4 Bathrooms
2,961 Sq Ft
0.294 Acres

333 Daisy Lane Jasper, Indiana

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Listing courtesy of Linda Schroering from CENTURY 21 SCHROERING REALTY.

$325,000

3 Bedrooms
2 Bathrooms
1,650 Sq Ft
0 Acres

614 W 34th Street Jasper, Indiana

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Listing courtesy of Daniel Hoffman from HOFFMAN & MULLEN REALTY INC.

$319,900

5 Bedrooms
3 Bathrooms
2,377 Sq Ft
0.346 Acres

1780 Sweet Gum Drive Jasper, Indiana

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Listing courtesy of Amanda Childers from Hawkins & Root Real Estate.

$315,000

3 Bedrooms
2 Bathrooms
3,232 Sq Ft
0.520 Acres

3508 N 600 W Road Jasper, Indiana

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Listing courtesy of Caroline Gobert from ERA FIRST ADVANTAGE REALTY, INC.

$289,000

3 Bedrooms
2 Bathrooms
1,648 Sq Ft
0.340 Acres

4130 N Portersville Road Jasper, Indiana

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Listing courtesy of Gina Mehringer from F.C. TUCKER EMGE.

$274,900

3 Bedrooms
3 Bathrooms
2,172 Sq Ft
0.460 Acres

1244 W 14th Street Jasper, Indiana

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Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.

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