The $20,000 Secret: Tax Breaks Most Homeowners Miss

Most homeowners have no idea they could be missing out on up to $20,000 in tax deductions every year. Tim Lucas and Craig Berry break down the most valuable homeowner tax benefits—plus the big changes coming in 2025 and 2026. (And remember: always confirm details with a licensed tax professional.)In this episode you’ll learn:When to itemize: If your deductions exceed the $32,200 standard deduction (married filing jointly in 2026), itemizing may save you thousands.Major deductible expenses: Mortgage interest, property taxes, and certain insurance costs on homes up to $750,000 in loan value.HELOC rule: Interest is deductible only if the funds are used for home improvements, not debt consolidation.SALT expansion: The state and local tax cap jumps from $10,000 → $40,000 in 2025, unlocking far larger deductions for many households.The biggest tax break: Home sellers can exclude $250K (single) or $500K (married) in capital gains after living in the home 2 of the past 5 years.Energy credits expiring:Energy Efficient Home Improvement Credit: 30% of upgrades, up to $3,200/yearResidential Clean Energy Credit: 30% for solar, no annual limitBonus deductions: Medical-related home modifications may be deductible, and some states offer property tax rebates or mortgage credit certificates.