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Get your taxes done using TurboTax
You won't need to enter anything on your 2024 tax return. Congratulations!
If you own a home, you may be able to deduct:
- Mortgage interest (including points)
- Property (real estate) tax
- Mortgage insurance (PMI or MIP)
Unless it's a rental, you won't be able to deduct homeowner's insurance, repairs, or home improvements.
Be sure to hold onto your closing statement, as it lists expenses that could be deductible, like points and prepaid interest.
Also, start saving your home improvement receipts. You won't be able to deduct those right now, but they can reduce your gain (along with any capital gains tax) when you sell in the future.
What does buying a home mean for my taxes?
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March 25, 2025
2:50 PM