In tax lingo, your principal residence is the place w在这里 you   legally reside. It's typically the place w在这里 you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax benefits associated with home ownership apply mainly to your principal residence — different rules apply to second homes and   investment properties. Here's what you need to know to make owning a home really pay off at tax time.

扣除按揭利息

One of the most important tax benefits that comes with owning a home is the fact that you may be able to deduct any mortgage interest that you pay. 如果您在附表A中列出扣除项目 of your federal income tax return, you can generally deduct the interest that you pay on debt resulting from a loan used to buy, 构建, 或者改善你的家, provided that the loan is secured by your home. In tax terms, this is referred to as "home acquisition debt." You're able to deduct home acquisition debt on a second home as well as your main home (note, 然而, 当涉及到第二套住房时, special rules apply if you rent the home out for part of the year).

For mortgage debt incurred prior to December 16, 2017, up to $1 million of home acquisition debt ($500,000 if you're married and file separately) qualifies for the interest deduction. 如果你的按揭贷款超过100万美元, some of the interest that you pay on the loan may not be deductible.

12月15日以后发生的按揭债务, 2017, 最高750美元,000美元的购房债务(375美元),000 if you're married and file separately) qualifies for the interest deduction. 如果你的按揭贷款超过750元,000, some of the interest that you pay on the loan may not be deductible.

A deduction is no longer allowed for interest on home equity indebtedness. Home equity used to substantially improve your home is not treated as home equity indebtedness and can still qualify for the interest deduction.

For more information, see IRS Publication 936.

抵押贷款保险

You can generally treat amounts you paid during 2021 for qualified mortgage insurance as home mortgage interest, provided that the insurance was associated with home acquisition debt and was being paid on an insurance contract issued after 2006. Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, 联邦住房管理局, 农村住房服务, and qualified private mortgage insurance (PMI) providers. 扣除额将逐步取消, 虽然, if your adjusted gross income was more than $100,000 ($50,(如已婚，分别申请).

Starting in 2022, amounts paid for qualified mortgage insurance are generally not deductible.

扣除房地产财产税

如果您在附表A中列出扣除项目, you can also generally deduct real estate taxes that you've paid on your property in the year that they're paid to the taxing authority. 然而, 2018年至2025年, individuals are able to claim an itemized deduction of up to only $10,000 ($5,000 for married filing separately) for state and local property taxes and state and local income taxes (or sales taxes in lieu of income taxes). 在此之前，没有美元限制.

If you pay your real estate taxes through an escrow account, you can only deduct the real estate taxes actually paid by your lender from the escrow account during the year. Only the legal property owner can deduct real estate taxes. You cannot deduct homeowner association assessments, since they are not imposed by a state or local government.

Tax treatment of home improvements and repairs

Home improvements and repairs are generally nondeductible. 改进, 虽然, can increase the tax basis of your home (which in turn can lower your tax bite when you sell your home). 改进 add value to your home, prolong its life, or adapt it to a new use. 例如, 甲板的安装, 内置游泳池, or a second bathroom would be considered an improvement. In contrast, a repair simply keeps your home in good operating condition. 定期维修和保养(e).g., repainting your house and fixing your gutters) are not considered improvements and are not included in the tax basis of your home. 然而, if repairs are performed as part of an extensive remodeling of your home, the entire job may be considered an improvement.

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