What Household Expenses Are Tax Deductible?

If you’re eligible, you may be able to deduct a portion of your homeowners association fees, utility bills, homeowners insurance premiums and the money you used to repair your home office.

The amount you can deduct depends on several factors, including the percentage of your home that’s used exclusively for business.

What kind of expenses can I write off?

Here are some tax deductions that you shouldn’t overlook.

  • Sales taxes. You have the option of deducting sales taxes or state income taxes off your federal income tax.
  • Health insurance premiums.
  • Tax savings for teacher.
  • Charitable gifts.
  • Paying the babysitter.
  • Lifetime learning.
  • Unusual business expenses.
  • Looking for work.

What can I write off as a homeowner?

Tax Deductions for Homeowners

  1. Mortgage Interest. If you itemize your personal deductions, interest that you pay on your mortgage is tax deductible, within limits.
  2. Private Mortgage Insurance.
  3. Points.
  4. Home Equity Loan Interest.
  5. Property Taxes.
  6. Home Office Deduction.
  7. Selling Costs.
  8. Capital Gains Exclusion.

What can I claim on tax 2019?

Claiming deductions 2019

  • car expenses, including fuel costs and maintenance.
  • travel costs.
  • clothing expenses.
  • education expenses.
  • union fees.
  • home computer and phone expenses.
  • tools and equipment expenses.
  • journals and trade magazines.

Are home repairs tax deductible 2019?

For tax purposes, a home improvement includes any work done that substantially adds to the value of your home, increases its useful life, or adapts it to new uses. If you use your home purely as your personal residence, you cannot deduct the cost of home improvements. These costs are nondeductible personal expenses.