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How Do I Claim and Report Tax Deductible Home Expenses?

The easiest and most accurate way to determine this is to start a free tax return on efile.com. Based on your answers to several questions, we will select the right forms for your tax situation and report any home tax deductions you qualify for on your return. 

If you want an idea of what types of home expenses you can and cannot deduct from your taxable income, read on. 

What Home-Related Expenses Can I Claim on My 2018 Tax Return? 

Review the expenses you can and cannot claim on your 2018 Tax Return if you itemize your deductions below: 

Home Expense Can I Claim It?
Home mortgage interest payments on qualified residence loans Yes
Mortgage points Yes
State and local property taxes (SALT) Yes
Interest payments on home equity loans and lines of credit Yes
Fire, flood, or homeowner insurance payments No
Amounts paid to reduce your mortgage principal No
General home improvement, repair, and maintenance expenses No
Mortgage insurance premium payments No
Residential energy efficient property savings Yes
Nonbusiness energy property savings No
Moving costs No (unless you're an active duty military member)
Casualty and theft losses No (unless you're in a federal disaster area declared by the President)
Home offices No (unless you're a self-employed business owner)

Should I Keep Records of My Home-Related Expenses?

All records should be kept for 2018 and future Tax Returns. For instance, any home improvement costs can add up over the years, so it is a good idea to keep records for each year in case you receive an IRS notice requesting more information about your tax returns. 

Where Can I Find More Information on Tax Deductible Home Expenses?

What Other Tax Breaks Can I Claim on My Tax Return? 

See tax deductions and tax credits you may qualify to claim on your tax return.