Q&A of the Week August 2, 2023
Question
I am a new homeowner. What is deductible and what is not deductible?
Answer
Homeowners can deduct state and local real estate taxes (up to $10,000) and home mortgage interest.
Homeowners generally cannot deduct the following:
Insurance
Home repairs
Cost of utilities (including internet and Wi-Fi)
Association fees
Settlement or closing costs
Payments for domestic help
Depreciation
And others
A tax professional can help you determine your tax deductions.