: If you paid "points" (prepaid interest) to lower your rate, these were typically fully deductible in 2017 if they were for a primary residence.

Homeowners could deduct specific expenses from their taxable income if these costs, combined with other deductions, exceeded the 2017 standard deduction ($6,350 for singles; $12,700 for married filing jointly).

: State and local property taxes paid in 2017 were fully deductible without the $10,000 "SALT" cap that was introduced in later years.

What are the tax benefits of homeownership? | Tax Policy Center

: Taxpayers could deduct interest on up to $1 million in mortgage debt for homes purchased before December 16, 2017. This was one of the largest potential breaks; for someone in the 25% tax bracket, this effectively meant the government "paid" 25% of their interest.

Average Tax Return After Buying House 2017 May 2026

: If you paid "points" (prepaid interest) to lower your rate, these were typically fully deductible in 2017 if they were for a primary residence.

Homeowners could deduct specific expenses from their taxable income if these costs, combined with other deductions, exceeded the 2017 standard deduction ($6,350 for singles; $12,700 for married filing jointly).

: State and local property taxes paid in 2017 were fully deductible without the $10,000 "SALT" cap that was introduced in later years.

What are the tax benefits of homeownership? | Tax Policy Center

: Taxpayers could deduct interest on up to $1 million in mortgage debt for homes purchased before December 16, 2017. This was one of the largest potential breaks; for someone in the 25% tax bracket, this effectively meant the government "paid" 25% of their interest.