Buying A House: Tax Return

: Reinstated for the 2026 tax year, PMI and FHA mortgage insurance premiums are once again treated as deductible mortgage interest for homeowners with a MAGI below $100,000.

To claim most homeownership-related tax breaks, you must on Schedule A of Form 1040 instead of taking the standard deduction. For the 2026 tax year, the standard deduction amounts are: Married Filing Jointly : $32,200 Single / Married Filing Separately : $16,100 Head of Household : $24,150 buying a house tax return

: If you paid "points" at closing to lower your interest rate, you can typically deduct the full amount in the year of purchase for a primary residence. : Reinstated for the 2026 tax year, PMI

You should only itemize if your total deductible expenses—including mortgage interest, property taxes, and charitable gifts—exceed these thresholds. Top Tax Deductions for Homeowners You should only itemize if your total deductible