About Publication 530, Tax Information for Homeowners (2023)

Published by the IRS, Publication 530 serves as a comprehensive resource for homeowners navigating their tax responsibilities. It covers everything from mortgage interest and property taxes to home improvements and disaster losses.

Understanding 530: What it is and Why it Matters

A. Purpose: Publication 530, issued annually by the IRS, serves as a comprehensive resource for homeowners navigating tax deductions and credits.

B. Target Audience: This guide caters to individuals who own houses, condominiums, mobile homes, or other qualifying residential properties.

C. Contents: Find clear explanations on various topics, including:

  • Deductible Expenses: Real estate taxes, mortgage interest, points, and certain home improvement costs.
  • Non-deductible Expenses: Routine maintenance, personal property taxes, and home repairs.
  • Tax Credits: Residential clean energy credit, mortgage credit certificate, and more (eligibility criteria apply).
  • Recordkeeping: Essential documents and information to retain for tax purposes.

Important Updates for 2023:

1. Mortgage insurance premiums: The deduction for mortgage insurance premiums expired at the end of 2022.

2. Residential energy efficient property credit: This is now called the residential clean energy credit with a 30% credit rate for qualifying improvements placed in service between 2022 and 2032.

3. Energy-efficient home improvement credit: This credit has been extended to include improvements placed in service after December 31, 2032.

For the current year's Publication 530, click here.

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