Expert advice on home tax deductions
Savanta: 42% of people surveyed said deductions and credits are the most confusing part of taxes
(InvestigateTV) — A recent survey by market research firm Savanta found that 49% of people have “little to no understanding of how to fill out U.S. tax forms,” making tax season a stressful time for many.
To help ease the confusion, Mel Kasulis, research director at This Old House, analyzed IRS guidelines and consulted with tax professionals to create a homeowner-friendly guide to tax deductions.
“We focused on deductions that can help homeowners save money for their 2024 tax filings and explain key differences between standard and itemized deductions in a way that’s easy to understand for everyone,” Kasulis said.
Kasulis said that one of the most important decisions homeowners face is whether to take the standard deduction or itemize. While itemizing can lead to bigger savings—such as deducting mortgage interest and state and local taxes—it requires more effort and planning.
“Itemizing deductions, for example, can be extremely helpful if you have high mortgage interest or property taxes,” she said. “It also means that you have to be a little bit more, you have to be planning this in advance because you want to be collecting receipts and building that ledger of expenses in order to itemize properly.”
Homeowners may also qualify for credits related to energy-efficient home upgrades or deductions for home office expenses, both of which are worth researching early.
And if you’re planning to sell your home, that can impact your tax situation too. Kasulis noted that sellers may be eligible for a capital gains exclusion, allowing them to avoid taxes on a portion of their profit.
In the end, Kasulis recommends speaking with a knowledgeable local tax professional to ensure you’re making the most of your eligible deductions and credits.
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