Welcome to your home tax deduction checklist! For homeowners, this kind of guidance is essential in the wake of all the changes ushered in by the new tax plan, the 2017 Tax Cuts and Jobs Act, that are still rolling in.
The biggest change for 2021? The standard deduction jumped a couple of hundred dollars for taxpayers—to $12,550 for individuals, $18,800 for heads of household, and $25,100 for married couples filing jointly. And this higher number means you need to dig into all of your home expenses to see if their total sum tops the standard deduction, depending on your filing status. (If the total doesn’t surpass it, then you’ll just take the standard deduction on your taxes when you file.)