Surprise: Your Home May Not Be the Tax Break You Thought It Would Be

Surprise: Your Home May Not Be the Tax Break You Thought It Would Be

Homeowners have the option to deduct both their mortgage interest and property taxes on their annual IRS returns. If you bought your home after Dec. 16, 2017, you can deduct interest on up to $750,000 in mortgage debt. Meanwhile, you can deduct up to $10,000 in combined state and local taxes, and that includes your property taxes.