Top 10 Homeowner Deductions

Before selling your Chicago Condo or Chicago Loft, you might want to consider the Top 10 Homeowner deductions below.


1. No Income Taxes On Capital Gains
If the seller owned and occupied the home as a principal residence during any two of the last five years, the owner can be exempt from paying capital gains tax up to $250,000. If married this exemption is doubled to $500,000.

2. Home Improvements
You can't deduct expenses associated with home improvements. However, making improvements may increase the price of your home.

3. Mortgage Interest is Tax Deductible
If you qualify, the interest on the loan of your primary residence is tax deductible.

4. Tax-Breaks for Home Refinancers
If you refinance your home, you may be able to write-off the points paid for the new loan.

5. Deductible Loan Points for Homebuyers
You may be able to deduct the points you pay at closing when buying your home.

6. Vacation Homes
You can deduct some of the costs associated with owning a vacation home, such as real estate taxes, personal property taxes, mortgage interest, and points.

7. Home Office
If you have a qualified office in your home, you may be able to deduct costs associated with maintaining the portion of your home exclusively used for business.

8. Real Estate and Property Taxes
State and local property taxes can be deducted as an expense against income.

9. Limited Moving Expense
Homeowners who have recently relocated for work may be able to write off the cost of moving.

10. Health-Related Improvements
Any home improvements for medical purposes may be deducted entirely from your taxes.