Tax-Time Checklist for Homeowners: Are You Leaving Money on the Table?

Tax season might not be your favorite time of year, but if you're a homeowner, it could mean some big opportunities for savings. From mortgage interest deductions to energy-efficient upgrades, owning a home comes with several potential tax benefits.

To make sure you’re not leaving money on the table, here’s a simple checklist to guide you through tax season like a pro:

1. Mortgage Interest Deduction

One of the biggest perks of homeownership is deducting the interest you paid on your mortgage throughout the year. Check your Form 1098 from your lender—it’ll show exactly how much you paid in interest

2. Property Tax Deduction

You may be able to deduct the amount you paid in local property taxes. This is often included in your mortgage escrow, so be sure to confirm with your lender or accountant.

3. Points Paid at Closing

If you bought or refinanced your home this year and paid points to lower your interest rate, those may be deductible too—either in full or over the life of the loan.

4. Home Office Deduction (if applicable)

Work from home? You may qualify for a home office deduction. Just make sure the space is used exclusively and regularly for business.

5. Energy-Efficient Upgrades

Installed solar panels or made other energy-efficient improvements? You might be eligible for a federal tax credit through the Residential Clean Energy Credit or Energy Efficient Home Improvement Credit.

6. Keep Records of Home Improvements

While not always deductible immediately, keep records of any major improvements (like new roofing, HVAC systems, or additions). These can impact your cost basis when you eventually sell your home—and help reduce capital gains taxes.

7. Check for State & Local Tax Credits

Depending on where you live, your state or city may offer additional deductions or credits for homeowners—especially for renovations, green upgrades, or first-time buyers.

8. Consider Capital Gains Exclusion if You Sold Your Home

If you sold your primary residence this year, you may be able to exclude up to $250,000 (or $500,000 for married couples) of capital gains from your taxable income—if you meet ownership and residency requirements.

Always consult with a tax professional to ensure you’re taking advantage of every deduction available to you. Tax laws change often, and everyone's situation is unique. Don’t leave money on the table—your home might be more valuable at tax time than you think. If you're planning to buy, sell, or invest in 2025, I’m here to help you make smart moves all year round.