Homeowner Deductions and Credits

Learn about tax deductions and credits for homeowners.

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Homeowner Deductions and Credits

Determining Your Home's Tax Basis
Your tax basis in your home will be a key factor in calculating your tax gain or loss when you sell your home.
Tax Issues When Renting Out a Room in Your House
Find out what tax deductions you can get for renting a room in your home.
The $250,000/$500,000 Home Sale Tax Exclusion
Don't miss out on one of the most valuable deductions ever when you sell your house.
Exceptions to the Home Sale Exclusion Two Year Rule
Learn how you might still qualify for this incredibly valuable deduction even if you don't meet all the requirements.
Deducting Your Property Taxes
Learn what you can include in your property tax deduction.
Deducting Casualty and Theft Losses
Casualty losses are deductible but can be hard to claim.
Canceled Mortgage Debt: What Happens at Tax Time?
The Mortgage Forgiveness Debt Relief Act gives some taxpayers a break.
Residential Energy Credit--Tax Savings for Installing Alternative Energy in Your Home
Find out how to save on taxes when you install solar panels or other energy saving alternatives.
Home Expenses That Are Not Deductible
While there are a lot of tax advantages to home ownership, make sure you know which costs are not deductible.
Taxes When Your Mortgage Debt is Forgiven
The tax consequences of mortgage debt forgiveness related to foreclosures, refinancings, or short sales.
Rent Your Vacation Home Tax-Free
This often overly exception for short-term rentals can provide a real windfall if you own a vacation home in a desirable location.
Will You Have to Pay the New 3.8% Medicare Tax When You Sell Your House?
Find out more about the new Medicare tax on unearned income.
Are Home Repairs Tax Deductible?
Home repairs are not deductible but home improvements are. It pays to know the difference.
What Home Improvements are Tax Deductible?
Home improvements can provide certain tax benefits although not tax deductions.
Deducting a Loss on the Sale of a Home
Losses on personal residence sales are not deductible unless you have converted the property to a rental.
Deducting Real Estate Taxes On Your Home
This is one of the most significant tax benefits you obtain when you own a home.
Deducting Medical Home Improvements
You can deduct certain home improvements if their main purpose is medical care for you, your spouse, or your dependents.
Tax Advantages of a Home Equity Loan
Find out the tax advantages of a home equity loan versus credit card and other debt.
What Constitutes a Casualty Loss?
Suddenness is the hallmark of a casualty loss. Find out what type of events qualify.
Can Co-op Owners Deduct Casualty Losses?
Co-op owners can deduct shared casualty losses for common areas. Find out how and why.
Taxes When You Sell a House Containing a Home Office
A home office can provide a great tax deduction if you have a business, or are an employee and qualify for the deduction.
When Home Mortgage Interest Is Not Deductible
The home mortgage deduction enables you to deduct, within limits, the interest you pay on a mortgage or mortgages you take out to buy, build, or improve your main home (and/or a second home).
Tax Implications of Reverse Mortgages
As far as taxes go, there are pros and cons to reverse mortgages.