What tax deductions do homeowners get?
Homeowners may deduct mortgage interest on loans up to a certain limit, property taxes, and in some cases mortgage insurance premiums. Arizona does not have a state-level mortgage interest deduction, but property taxes paid are deductible on federal returns subject to the combined state and local tax cap. Energy-efficient home improvements may qualify for federal tax credits. If you rent out part of your home or use it for business, additional deductions may apply. Tax law changes frequently and your situation is unique, so a licensed CPA or tax professional should confirm what applies to you. Jon can connect you with one if needed.
Specifics depend on your situation and should be confirmed with a CPA or tax professional. Jon can connect you with one: text (623) 826-0888.
More on title, insurance and taxes
- How much is homeowners insurance in Phoenix and what does it cover?
- How do property taxes work in Arizona and how are they calculated?
- Do I need flood insurance in Phoenix?
- What is title insurance and do I need it?
- What is the difference between a home warranty and homeowners insurance?
- Do easements, solar leases or liens on title affect me?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.