Corpuz Tax & Accounting Services

The Working Families Tax Cuts established a maximum loan interest tax deduction of $10,000 for new qualified vehicles, like motorcycles, that have undergone final assembly in the United States.

DEDUCTIBLE HOUSE RELATED EXPENSES
Taxpayers must itemize their deductions to deduct homeownership expenses. Most home buyers take out a mortgage to buy their home, and their mortgage lender may bundle other home-related costs.

The costs the homeowner can deduct are:

State and local real estate taxes, subject to a $40,000 limit or $20,000 if married filing separately
Home mortgage interest, within the allowed limits

HOMEOWNER EXPENSES THAT ARE NON-DEDUCTIBLE:
Insurance including fire and comprehensive coverage and title insurance
The amount applied to reduce the principal of the mortgage
Wages paid to domestic help
Depreciation
The cost of utilities, such as gas, electricity or water
Most settlement or closing costs
Forfeited deposits, down payments or earnest money
Internet or Wi-Fi system or service
Homeowners’ association fees, condominium association fees or common charges
Home repairs

Florida's Annual Back-to-School Sales Tax Holiday
July 20, 2026, Through August 20, 2026
(Comment "Back-to-School" below to receive a list of what items are included and what items are not via messenger).

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