: A major change for 2026 is the increase of the SALT cap. You can now deduct up to $40,000 ($20,000 for married filing separately) for combined state and local taxes, including property taxes. This benefit phases down for homeowners with a Modified Adjusted Gross Income (MAGI) over $500,000.
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 buying a house tax return
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 : A major change for 2026 is the increase of the SALT cap