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. average tax return after buying house 2017
For the 2017 tax year, the average individual tax refund was . Homeowners could deduct specific expenses from their taxable
: 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. combined with other deductions