J.K. Lasser's 1001 Deductions and Tax Breaks 2022, 2nd Edition

CHAPTER 4Your Home

1. Mortgages
2. Mortgage Interest Tax Credit
3. Home Equity Loans
4. Points
5. Prepayment Penalties
6. Late Payment Penalties
7. Mortgage Insurance
8. Reverse Mortgages
9. Cancellation of Mortgage Debt
10. Penalty‐Free IRA Withdrawals for Home‐Buying Expenses
11. Real Estate Taxes
12. Cooperative Housing
13. Minister's Housing Allowance
14. Home Sale Exclusion
15. Moving Expenses for Active Duty Military Personnel
16. Energy Improvements
17. ABLE Accounts
18. Disaster Rules for Casualties to Your Home
19. COVID‐19 Emergency Assistance
20. Home Office Deduction

Home ownership is part of the American dream. According to the U.S. Census Bureau, 65.4% of Americans owned their own homes in the second quarter of 2021. There are many reasons that we want to own rather than rent a home—for example, as a way to build up equity. And with COVID‐19 causing many individuals to work from home, having a good place to do it has meant being a homeowner for many individuals. But there are also sound tax reasons favoring home ownership. Certain expenses of home ownership are deductible. And when you sell your home, some or all of your profit may be tax free. If you had problems with your mortgage or lost your home to foreclosure, there may be special tax breaks for you.

This chapter explains the tax breaks you can claim with respect to your home. Disaster losses that can befall your home, and the deductions you can claim for them, are explained in Chapter . The home office deduction for using a portion of your home for business is explained ...