06/10/2026
The year is nearly half over, making it the perfect time for homeowners and future buyers to review their eligibility for tax deductions and housing allowances. If you itemize your deductions, these benefits can significantly help with the costs of owning a home.
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What You CAN Deduct:
State and local real estate taxes (subject to a $40,000 limit, or $20,000 if married filing separately).
Home mortgage interest, within allowable limits.
π« What You CANNOT Deduct: Standard expenses like home insurance, principal mortgage payments, HOA fees, utilities, internet, home repairs, and most closing costs are not deductible.
π‘ Special Tax Programs & Allowances:
Mortgage Interest Credit: Lower-income buyers may qualify to claim a credit for part of the mortgage interest paid, provided they have a qualified local government certificate.
Ministers & Military: If you receive a nontaxable housing allowance, you can still deduct your real estate taxes and home mortgage interest without reducing your deductions.
If you need more information, please contact us at π (954) 442-8771 - Pembroke Pines - Florida.