Buying A: House Tax Return

: You can deduct the interest paid on up to $750,000 of mortgage debt ($375,000 if married filing separately) for homes purchased after December 15, 2017. This cap was made permanent under recent tax law changes.

: If you paid "points" at closing to lower your interest rate, you can typically deduct the full amount in the year of purchase for a primary residence. buying a house tax return

: Reinstated for the 2026 tax year, PMI and FHA mortgage insurance premiums are once again treated as deductible mortgage interest for homeowners with a MAGI below $100,000. : You can deduct the interest paid on

You should only itemize if your total deductible expenses—including mortgage interest, property taxes, and charitable gifts—exceed these thresholds. Top Tax Deductions for Homeowners 000 of mortgage debt ($375