2017: Average Tax Return After Buying House

: 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.

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

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). : Taxpayers could deduct interest on up to