Owning a home comes with more than just the joy of having a place to call your own — it can also provide some valuable tax breaks. In this guide, we’ll break down the key tax deductions for homeowners, the questions you should ask to decide if itemizing is right for you, and other savings opportunities you shouldn’t miss.

First, review the standard deduction

To claim most tax deductions for homeowners, you’ll need to itemize on your tax return. But first, it’s essential to understand the standard deduction, which is a set amount you can deduct from your income without having to itemize.

For 2024, the standard deduction amounts are as follows:

• $14,600 for single filers
• $29,200 for married couples filing jointly
• $21,900 for heads of household

If your total deductions don’t exceed these amounts, it’s usually better to take the standard deduction. However, itemizing might lead to more significant savings depending on your specific expenses.

Should you itemize? Ask these questions

Tax professionals recommend reviewing certain key areas to decide if you should itemize your deductions. Ask yourself:

• Did I have large medical or dental expenses?
• Did I pay mortgage interest?
• Did I pay real property taxes?
• Did I experience losses due to a disaster?
• Did I make significant donations to a charity?
• Do I qualify for other major itemized deductions (impairment-related work expenses, etc.)?

By answering these initial questions, you can get a better sense of whether itemizing your deductions will save you more money than taking the standard deduction. Many online tax filing services will ask questions like these at the beginning of their processes.

If you decide to itemize, here are six potential tax deductions for homeowners: