Quick summary: Learn how to remove PMI without refinancing, compare cancellation routes, calculate your equity target, and prepare a strong servicer request. Before you shop for a refinance, give your current mortgage a 20-minute review. If you have a conventional loan with private mortgage insurance, you may be able to remove PMI through your existing loan servicer—without replacing your mortgage, paying refinance closing costs, or giving up your current interest rate. The right route depends on what kind of mortgage insurance you have, your unpaid principal balance, the home’s accepted value, your payment history, and your servicer’s rules. An online home-value estimate alone will not cancel PMI, and reaching 20% equity does not always make the charge disappear automatically. Use this planning reset to identify your situation, choose the least expensive eligible path, and prepare a clean request for the coming week. Start with the line item on your mortgage statement F...
Owning a home can be expensive, but some homeowners may qualify for valuable federal tax deductions in 2026. Understanding which expenses may be deductible—and which are not—can help you prepare for tax season and avoid common mistakes.
1. Mortgage Interest Deduction
If you itemize deductions, you may be able to deduct qualifying mortgage interest paid on your main home or second home.
For homes acquired after December 15, 2017, the mortgage debt limit is generally $750,000, or $375,000 for married taxpayers filing separately.
Older qualifying mortgages may be subject to different limits.
2. Property Tax Deduction
State and local real estate taxes may qualify as an itemized deduction.
For tax year 2026, the combined state and local tax (SALT) deduction is capped at $40,400, or $20,200 for married taxpayers filing separately. The cap is reduced when modified adjusted gross income exceeds $505,000 ($252,500 if married filing separately), but cannot fall below $10,000 ($5,000 if married filing separately). These are limits on qualifying itemized deductions, not tax credits. Source: IRS correction for the 2026 Form 1040-ES.
3. Home Equity Loan and HELOC Interest
Interest on a home equity loan or HELOC may be deductible when the borrowed money is used to buy, build, or substantially improve the home securing the loan.
For example, using a HELOC for a qualifying major home improvement may be treated differently from using the money to pay personal credit-card debt.
4. Mortgage Points
Some points paid when obtaining a mortgage may qualify as deductible mortgage interest. Whether they can be deducted immediately or over the life of the loan depends on the circumstances.
5. What Homeowners Generally Cannot Deduct
Many everyday homeownership expenses are not deductible on a personal federal income tax return.
Examples generally include:
• Homeowners insurance premiums
• Mortgage principal payments
• Utilities
• HOA fees
• Most ordinary home repairs
• Internet service
Standard Deduction vs. Itemizing
A tax deduction doesn’t automatically mean every homeowner receives an additional tax benefit.
Homeownership deductions such as qualifying mortgage interest and property taxes generally require you to itemize deductions.
For tax year 2026, the IRS lists the standard deduction as $32,200 for married couples filing jointly, $16,100 for single filers and married individuals filing separately, and $24,150 for heads of household.
Homeowners should compare their potential itemized deductions with their standard deduction.
Keep Good Records
Keep documents such as:
• Form 1098 from your mortgage lender
• Property tax statements
• Mortgage closing documents
• Receipts for qualifying home improvements
• Records showing how HELOC or home-equity funds were spent
Good records can make determining your eligible deductions much easier.
Bottom Line
Homeownership can provide tax benefits, but the rules depend on your individual circumstances.
Mortgage interest and certain property taxes may be deductible for taxpayers who itemize, while many common expenses such as homeowners insurance, utilities, HOA fees and mortgage principal generally are not.
Always verify current IRS rules or consult a qualified tax professional before making tax decisions.
Disclaimer: This article is for general informational and educational purposes only and is not tax, legal, or financial advice.
Related: Read our complete guide to the 2026 Mortgage Interest Deduction.