Home Mortgage Interest Deductions

With April 15th right around the corner, you might find the following information helpful as you file your taxes for the 2023 tax year.

Mortgage Insurance Premiums

The itemized deduction for mortgage insurance premiums has expired. You can no longer claim the deduction for your mortgage insurance premiums.

Home Equity Loan Interest

You can still deduct the interest from a home equity loan as long as the debt was used to buy, build or improve your home.

Home Mortgage Interest

You can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness. However, higher limitations ($1 million ($500,000 if married filing separately)) apply if you are deducting mortgage interest from indebtedness that you incurred before December 16, 2017.

Property Taxes

As an individual, your deduction of state and local income, general sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if married filing separately).

If you’re thinking of buying or refinancing a home now or in the near future, please give me a call today. I’d love to run the numbers for you or help you in any way that I can.

Please note that the information provided here is for educational purposes only and should not be construed as tax advice; for personalized tax guidance, it’s recommended to consult with a qualified tax professional.

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