Standard vs. Itemized Deduction: Which Should You Choose as a Homeowner?

by Ernest Van Glahn

Tax season can be confusing, especially for homeowners trying to figure out which deduction route to take: standard or itemized. 🤔 But don’t worry — we’re breaking it down for you in plain English.

🧾 What’s the Standard Deduction?

The standard deduction is the easiest path. It’s a flat amount the IRS lets you subtract from your income, no questions asked.

Benefits:

✔️ Quick and easy — no need to dig through receipts
✔️ Minimal paperwork
✔️ Ideal if your eligible deductions are less than:

$14,600 (single filers in 2024)
$29,200 (married filing jointly in 2024)

For many homeowners — especially first-time buyers or those with modest expenses — the standard deduction might be the smartest choice.

📚 What About Itemized Deductions?

Itemizing takes a bit more effort, but it could save you more money if you qualify.

You might benefit from itemizing if:

🔹 You paid a significant amount in mortgage interest
🔹 You have high property tax bills
🔹 You made large charitable donations
🔹 You incurred substantial medical expenses

These deductions can add up and might push your total beyond the standard deduction amount — making it worth the extra paperwork.

👀 Pro Tip for Homeowners:

If your itemized deductions exceed the standard amount, itemizing could be the way to go. Especially for long-term homeowners or those in high-tax areas, the savings can be substantial.