Other major tax deductions available to homeowners are property taxes, expenses incurred for having an office in your home, and costs involved in maintaining a rental property. These topics are discussed in the sections that follow.
Most often, homeowners are able to deduct the mortgage interest they have paid in the tax year claimed. This reduces their tax bills considerably. It’s not a dollar-fordollar reduction, but for most people it translates to a 10 to 25 percent savings.