Tax Breaks for Homeowners

A huge benefit of being a homeowner is the ability to take advantage of a number of tax breaks. Check out the possibilities.

Hopefully, part of the reason you decided to buy a home and stop renting is for the tax breaks. And there are quite a few of them!

Depending on your income level, you can deduct several expenses associated with owning a home, including mortgage interest, real estate taxes, private mortgage insurance (PMI) and any money you paid toward points or origination fees.

If you moved 50 miles or more for a new job, you can even deduct some of your expenses, such as the cost of packing, transporting or storing your household goods.

Remember to consult a tax professional about your particular situation.

Keep Reading

Next Up

Real Estate Survival Guide: Seller's Checklist

Refer to this 10-step checklist to get you through the home-selling process.

Real Estate Survival Guide: Buyer's Checklist

Refer to this 10-step checklist to get you through the homebuying process.

Campus Cribs: Buying Real Estate Property for Your College Student

Buying a space for your student could turn out to be a great investment.

Building Mortgage Interest: More Tax Deductions and Incentives for Homeowners

Learn about the many tax advantages of homeownership, including special deductions and local incentives.

Calculating Your Property Tax Bill

The tax amount you see on a listing might have nothing to do with how much your property tax bill will be after you buy the home. Here's how to crunch the numbers.

Understanding Property Taxes and Assessments

Homeowners have to pay property taxes. Before you buy, know how your local property taxes and special assessments will impact your cost of ownership.

Fresh News for 'Fixer Upper' Fans: Chip and Joanna to Open 'Hillcrest Estate' in Waco

Chip and Joanna Gaines announce their latest project — a beautifully restored colonial style home that will open as a vacation rental property.

'Home Town' Homeowner Profiles: Amanda Matthews

Find out more about Amanda Matthews, Erin and Ben's client featured in the Home Town episode titled "Porch Dreams".

'Home Town' Homeowner Profile: Dawn and Michael Trest

Find out about Home Town homeowners Dawn and Michael Trest, long-time friends of Erin and Ben who decided to transition from downtown loft living to a homey home in the suburbs. . 

On TV

Vintage Flip

6:30am | 5:30c

Flea Market Flip

8:30am | 7:30c

Flea Market Flip

9:30am | 8:30c

Flea Market Flip

10:30am | 9:30c

Flea Market Flip

11:30am | 10:30c

Fixer Upper

12pm | 11c

Fixer Upper

1pm | 12c

Fixer Upper

2pm | 1c

Fixer Upper

3pm | 2c

Fixer Upper

4pm | 3c

Fixer Upper

5pm | 4c

Fixer Upper

6pm | 5c

Fixer Upper

7pm | 6c
On Tonight
On Tonight

Fixer Upper

8pm | 7c

Fixer Upper

9pm | 8c

House Hunters

10:30pm | 9:30c

House Hunters

11pm | 10c

Fixer Upper

12am | 11c

House Hunters

1:30am | 12:30c

Fixer Upper

3am | 2c

Shop This Look

Found a living space you love in HGTV's Photo Library? Get the look in your own home with products from Wayfair.

Follow Us Everywhere

Join the party! Don't miss HGTV in your favorite social media feeds.