Here’s a brief rundown of standard tax deductions for homeowners: 

• Mortgage Interest Deduction: A key advantage for homeowners is the Mortgage Interest Deduction (MID), which enables you to deduct the interest paid on your mortgage from your taxable income. In 2024, this deduction continues to be a valuable asset for lowering your tax liability. 
• First-Time Homebuyer Credits: Investigate Incentives for first-time homebuyers in 2024 for potential tax benefits aimed at encouraging homeownership. 
• Standard vs. Itemized Deductions: Given the increase in the standard deduction, evaluate whether to itemize or take the standard deduction based on your financial circumstances.  
• Property Tax Deduction: Lighten the Load Deduct property taxes paid on your primary residence to alleviate this financial responsibility and improve homeownership affordability. 
• Energy Efficiency Upgrades: Certain energy-efficient upgrades, such as solar panels and energy-efficient windows, may qualify for tax credits in 2024, providing both environmental and financial benefits. 
• Home Office Deductions: Adjust to Remote Work Considering the surge in remote work, explore deductions for home office expenses if you use part of your home solely for business purposes. 

Navigating tax season in 2024 involves understanding available deductions, staying informed about changes, and seizing opportunities to optimize tax benefits.  

At NMB, we take pride in offering guidance on various aspects of homeownership. While we’re not tax experts, we’re here to assist you in maximizing your financial advantages during tax season, particularly concerning your home. For tailored guidance, consult with a qualified tax professional to ensure you maximize your household tax refund.  

As you can see, there are quite a few possible tax benefits to owning a home so if you’re ready to take the next step with one of our mortgage professionals, get in touch by filling out your information. We’re excited to talk to you!