Tax Tips for Homeowners

Tax time is rolling around. If you own a home, you are probably wondering how to maximize tax credits and deductions to get the most savings.

When filing your taxes as a homeowner, you have a choice between itemizing your deductions or taking the standard deduction. Which option is best for you depends on several factors — most importantly, whether your itemized deductions would give you a bigger tax break than the standard deduction.

Here are the standard deduction rates for the 2023 tax year:

There are several tax deductions and credits available to homeowners in 2024 (you can read more about those in this article).

In reality, the standard deduction is likely going to be the best option for most homeowners since their itemized deductions typically amount to less than the standard deduction. It’s all about which option will get you the biggest tax break!

This is not professional tax advice, but just some food for thought as you prepare to file your 2023 taxes. Make sure to check with your CPA to accurately determine how to leverage your home to get the most savings.

If you’d like a recommendation for a great tax professional that we have experience working with, we’d be happy to connect you with someone 😊