Property Taxes

• Most states charge an annual property tax. These real estate taxes are deductible.
  
  

Mortgage Interest

• Typically, if the mortgage is secured on a qualifying home (either your main home or your second home), you can deduct all of the mortgage interest paid that year.
  
  

Home Equity Debt Interest

• The interest on most home equity loans and lines of credit is tax deductible.
  
  

Points

• Typically, you can deduct points paid on a home loan, usually over the life of the loan.
  
  

Home Office

• If you use a portion of your home for business, you may be able to deduct it.