Buying A House Tax Return May 2026

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

: 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. buying a house tax return

: A major change for 2026 is the increase of the SALT cap. You can now deduct up to $40,000 ($20,000 for married filing separately) for combined state and local taxes, including property taxes. This benefit phases down for homeowners with a Modified Adjusted Gross Income (MAGI) over $500,000. You should only itemize if your total deductible

First-Time Home Buyer Tax Credits 2026: Deductions & Savings buying a house tax return