Tax Breaks for Homeowners and Buyers

A man walks along a street in a neighborhood of single-family homes in Los Angeles, Calif., on July 30, 2021. Frederic J. Brown/AFP via Getty Images

A house is many things to people. It’s a place of safety and comfort for many. To others, it’s a place for family. But it could also be a place to save some money on your taxes. There are several deductions you can take using your house.

When you hear the word “deductions,” you think of lower taxes. This may not be the case. You need to look at the big picture. Home deductions may not be for everyone.

Mortgage Interest Deduction

If you itemize, you should take advantage of the mortgage interest deduction. You can lower your tax liability by itemizing the interest you paid on your mortgage.