Did You Know Your Home Can Pay You Back at Tax Time?

When most people think of homeownership, they picture the bills: mortgage payments, property taxes, insurance, repairs—you name it. And while it’s true that owning a home is a major investment, there’s a silver lining that often gets overlooked: tax benefits.

If you’re a homeowner here in the Oklahoma City area, you may be sitting on valuable deductions and credits that can lower your taxable income or increase your refund. Let’s take a closer look at how your home can work for you when tax season rolls around.

---

Tax Perks Every Homeowner Should Know About

Here are a few common homeowner-related tax benefits you might qualify for:

🏠 Mortgage Interest Deduction
If you have a mortgage, you can likely deduct the interest you paid on loan amounts up to $750,000 ($375,000 if married filing separately). In the early years of your loan, that interest makes up a big chunk of your monthly payment—so this can be a significant deduction.

🏡 Property Tax Deduction
You may be able to deduct up to $10,000 in combined state and local property taxes ($5,000 if filing separately). Just be sure to itemize your deductions when you file.

💻 Home Office Deduction
If you’re self-employed and use part of your home exclusively for work, you might be able to deduct a portion of your utilities, mortgage interest, internet, and other related expenses.

☀️ Energy-Efficient Improvement Credits
Did you make any energy-saving upgrades to your home this year—like new windows, insulation, or solar panels? The IRS offers credits up to 30% of the cost for qualifying improvements.

---

Why It Pays to Own: Renters vs. Homeowners at Tax Time

Renters:

• Pay monthly rent with no long-term return
• Can’t deduct property taxes
• Limited or no home office deductions
• Any improvements benefit the landlord
• No equity or tax-based advantages

Homeowners:

• May deduct mortgage interest
• Can write off up to $10,000 in property taxes
• Self-employed? You may be eligible for a home office deduction
• Possible tax credits for energy upgrades
• Build equity and enjoy tax-related perks

---

What You’ll Need to Prepare

Here’s a quick tax checklist for homeowners:

• Form 1098 – From your lender, showing mortgage interest paid
• Property tax receipts – Record of what you paid for the year
• Receipts for energy-efficient improvements
• Home office info – Square footage, utility bills, and business use proof
• Closing documents – If you bought or sold your home in the past year
• Energy credit records – Especially for multi-year upgrades like solar systems

---

A Quick Tip from the OKCHomeSellers Team

Every homeowner’s tax situation is a little different, especially if you’ve sold a home, started working remotely, or completed major renovations. Be sure to connect with a trusted tax professional to make sure you’re maximizing every opportunity.

And if you’re planning to buy or sell a home this year—or just have questions about how your real estate decisions could impact your taxes—we’re always here to help.

Let’s make sure your home is working as hard for you as you worked to buy it.

📍 Proudly serving North OKC, Edmond, and surrounding areas.