2022 Home Tax Deductions

I am not a CPA. Please consult yours, as this is not to be interpreted at financial or tax advice.

When it comes to tax deductions related to your home, consider whether you'll be better off taking the standard deduction or itemizing. The 2022 standard deduction amounts are $12,950 for single filers and married but filing separately; $25,900 for joint filings; and $19,400 if you're head of household. You may also be able to deduct mortgage interest up a maximum of 750K on primary or secondary homes as well as property taxes (up to 5k/ 10k respectively) capital gains from selling a home after living in it 2 years out of the last 5 years , discount points paid on mortgages and any necessary improvements made due medical reasons or utility needs. Home office expenses associated with running an independent business can also count towards deductions too - though working remotely under employer does not qualify .