Owning property has many advantages and disadvantages \u2013 many of these are tax related. Whether you own real estate as a primary residence or an investment property, there are deductions and taxes to consider. Given the changes in tax law, many of these numbers have changed, which will impact previous and new homeowners alike. In this article, we'll discuss some of the taxes and the tax deductions for homeowners that are important to consider when thinking about buying a home, or when doing your taxes!\r\nRead More: How Will Tax Law Changes Affect Me?\r\n\r\nTax Deductions for Homeowners\r\n\r\n\r\n\r\nYou Can Deduct\r\nYou Cannot Deduct\r\n\r\n\r\nPrepaid interest deduction \u2013 fees paid at closing to lower the APR in the year paid\r\nHomeowner insurance payments\r\n\r\n\r\nProperty taxes paid (capped at $10,000)\r\nLosses from the sale of personal property\r\n\r\n\r\nPrivate mortgage insurance \u2013 phase out if adjusted gross income is over $100,000 (homes purchased or refinanced after 2007)\r\nHOA fees of personal property\r\n\r\n\r\n\r\nMortgage Interest Deductions\r\nYou can usually deduct the interest you pay on a mortgage if you itemize, which reduces your taxable income by that interest amount. With the new tax law, many homeowners may no longer itemize their deductions, as the standard deduction has increased. If it does make sense to itemize, the limit for deductible mortgage debt is $750,000. This applies to new loans taken out after Dec. 14, 2017. If you have a loan from before that date, you are grandfathered in under the former limit of $1 million. You can also deduct the mortgage interest on a second home, subject to the same limits. If you have questions about whether the new tax law applies to you, check with a financial professional.\r\nCapital Gains Tax Exclusion\r\nIf you sell a property you used as a primary residence for two out of the last five years, then you can take $250,000 (single) or $500,000 (married) of gains without paying capital gains taxes. If you have an investment property and have not lived in it for two out of the last five years, then you are subject to the full long-term or short-term gains taxes if you decide to sell and take the profits. You may also able to take depreciation from a rental property to save on taxes. Make sure you have your CPA run the numbers, so you are depreciating the right amount.\r\nState & Local Property Taxes\r\nIf you are itemizing your tax return, then you may deduct property taxes you pay on your primary home as well as any other real estate you may own. Property tax deductions are now limited to $10,000.\r\nDid Tax Day sneak up on you? Need more time to file your income taxes? Here are 6 things you need to know about filing an extension.\r\nRead More: Filing a Tax Extension\r\nDisclaimer: The information and content provided herein is general in nature and is for informational purposes only. It is not intended and should not be construed as a specific recommendation, or legal, tax or investment advice, or a legal opinion. Individuals should contact their own professional tax advisors or other professional to help answer questions about specific situations or needs prior to taking action based on this information. Tax laws and authorities are subject to change, either prospectively or retroactively, and any subsequent change could have a material impact on your situation.