--- title: Tax Benefits Homeowners Should Review This Year description: Homeowners may qualify for valuable tax deductions and credits. Learn which homeownership tax benefits may apply to your situation. image: https://blog.portebrown.com/hubfs/980x411%20-%20Available%20Tax%20Benefits%20for%20Homeowners.jpg --- [![Porte Brown logo](https://blog.portebrown.com/hubfs/PB%20Logo%20-%20Web%20400dpi%20--%20LARGE-HighRes-01.svg "Porte Brown logo")](https://portebrown-6854056.hs-sites.com/) [![Porte Brown logo](https://blog.portebrown.com/hubfs/PB%20Logo%20-%20Web%20400dpi%20--%20LARGE-HighRes-01.svg "Porte Brown logo")](https://portebrown-6854056.hs-sites.com/) Search # Available Tax Benefits for Homeowners ![calendar-icon](https://cdn2.hubspot.net/hubfs/2040891/Marketplace/WASABI/icons/icon-calendar.svg) * By [ Porte Brown ](https://blog.portebrown.com/author/porte-brown-llc) - May 28, 2026 * Tax Benefits Homeowners Should Review This Year 3:13 **With the year nearly half over,** now may be a good time for homeowners and prospective buyers to review the tax benefits associated with homeownership. Depending on a taxpayer’s situation, certain deductions or credits may help offset some of the ongoing costs of owning a home. ## Some Homeownership Expenses May Be Deductible Taxpayers who want to deduct eligible homeownership expenses must itemize deductions on their federal tax return. Because of that, not every homeowner will benefit from claiming these deductions. For many homeowners, mortgage payments include more than just principal and interest. Lenders may also collect amounts for property taxes and other housing-related costs. However, only certain expenses may qualify for a deduction. Homeowners may be able to deduct: - [State and local real estate taxes](https://www.irs.gov/publications/p530#en_US_2023_publink100011838), subject to a $40,000 limit, or $20,000 if married filing separately - [Home mortgage interest](https://www.irs.gov/publications/p530#en_US_2023_publink10006477), within applicable IRS limits ## Expenses Homeowners Generally Cannot Deduct While some housing costs may be deductible, many common homeownership expenses are not. Homeowners generally cannot deduct: - Homeowners insurance, including fire, comprehensive, or title insurance - Mortgage principal payments - Wages paid to domestic help - Depreciation - Utility costs such as gas, electricity, or water - Most settlement or closing costs - Forfeited deposits, down payments, or earnest money - Internet or Wi-Fi service - Homeowners’ association fees, condominium association fees, or common charges - Home repairs Understanding the difference between deductible and nondeductible costs can help homeowners avoid mistakes when preparing a return. ## The Mortgage Interest Credit May Help Certain Homeowners Some lower-income homeowners may qualify for the Mortgage Interest Credit, which can provide a tax credit for part of the mortgage interest paid during the year. This credit is generally available only to taxpayers who were issued a qualified Mortgage Credit Certificate by a state or local government agency. Eligible homeowners may be able to claim the credit annually, depending on their circumstances. ## Special Rules May Apply to Housing Allowances Certain taxpayers who receive a nontaxable housing allowance may still be able to deduct qualifying housing-related expenses. This can apply to: - Ministers - Members of the uniformed services If eligible, these individuals may still deduct **real estate taxes** and **home mortgage interest** without reducing those deductions because of the housing allowance. ## Reviewing Homeownership Tax Benefits Can Help Taxpayers Plan Ahead Homeownership comes with a wide range of costs, and not all of them receive favorable tax treatment. Reviewing potential deductions and credits before year-end can help taxpayers better understand what may apply to their situation and avoid overlooking valuable opportunities. If you have questions about which homeownership-related tax benefits may apply to you, [Porte Brown’s tax professionals](https://www.portebrown.com/industries/individuals-families) can help you evaluate your options and plan with greater confidence. *Source: *[*IRS Tax Tip 2026-42*](https://www.irs.gov/newsroom/homeowners-should-review-any-tax-benefits-for-homeownership) [![family trio](https://blog.portebrown.com/hubfs/family%20trio%20-%20SM.jpg "family trio")](https://www.portebrown.com/industries/individuals-families) #### SERVICE SPOTLIGHT ### Tax Planning & Preparation Services for Individuals & Families Porte Brown provides effective tax planning strategies for individuals and families that will empower you to make informed choices about your income, investments, and expenses. Our team of experts understands the intricacies of the tax system and available deductions, tax credits, and exemptions — helping you to reduce your tax burden. This extra money can be reinvested, used for savings... [![Learn More](https://no-cache.hubspot.com/cta/default/6854056/1df8300e-67d1-4be3-9cfb-0ee7150a28e3.png)](https://cta-redirect.hubspot.com/cta/redirect/6854056/1df8300e-67d1-4be3-9cfb-0ee7150a28e3) Comments ### Sign Up for the PB NewsBlog Stay up-to-date with the latest Porte Brown news and service updates, upcoming events and industry happenings, reminders of upcoming filing deadlines, updates on emerging technologies, and more! ## What's New ## Recent News [ **2026 Remote Retailer Tax Amnesty Program** 02 July 2026 ](https://blog.portebrown.com/illinois-remote-retailer-tax-amnesty-2026) [ **Protect Your Money-Saving Use of Independent Contractors** 02 July 2026 ](https://blog.portebrown.com/protect-your-money-saving-use-of-independent-contractors) ## Contact Us Porte Brown LLC 845 Oakton St. Elk Grove Village, IL 60007 Copyright © 2026 Porte Brown LLC. All rights reserved. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Porte Brown", "url" : "https://blog.portebrown.com/author/porte-brown-llc" }, "dateModified" : "2026-05-28T05:45:00.210Z", "datePublished" : "2026-05-28T05:45:00.000Z", "headline" : "Tax Benefits Homeowners Should Review This Year", "image" : [ "https://blog.portebrown.com/hubfs/980x411%20-%20Available%20Tax%20Benefits%20for%20Homeowners.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.portebrown.com/available-tax-benefits-for-homeowners", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.portebrown.com/hubfs/PB%20Logo%20-%20Web%20400dpi-1.png" }, "name" : "Porte Brown LLC" } } ```