Itemized deductions or standard deductions, whichever is higher, can be used to reduce adjusted gross income (AGI). There are several categories of itemized deductions, one category being expenses for homeownership. Individuals who own homes may take a tax deduction for mortgage interest and property taxes paid when they itemize deductions. While reading your textbook, were you confused as to why homeownership expenses can be itemized but expenses for renters cannot? Discuss the differences in the tax law for homeowners versus renters.

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Despite the fact that there is a broad thinking process that makes the home owner to get more tax benefits the reality is slightly away from it The te... View the full answer