Before you File, Read This

New year. Same money goals.

Here are tax and financial reminders many homeowners forget—but shouldn't. This matters now. Once you file, missed deductions are gone. Most people don't miss them from carelessness. They miss them because no one slows them down to review.

MORTGAGE INTEREST IS STILL DEDUCTIBLE:

If you itemize, interest on your primary home—and sometimes a second home—may reduce taxable income. This comes from your lender's 1098.

Florida note: Federal deduction only. Florida has no state income tax.

RENTAL PROPERTY WRITE-OFFS:

Interest, taxes, insurance, repairs, management fees, and depreciation may be deductible. Many small landlords miss pieces.

Florida note: Federal deductions apply.

PROPERTY TAXES MATTER:

Up to $10,000 in total state and local taxes may be deductible under the SALT cap. This includes property taxes paid through escrow or directly.

Florida note: Counts toward the federal SALT limit.

POINTS PAID AT PURCHASE OR REFINANCE:

Points may be deductible depending on how the loan was structured. This is one of the most missed items I see.

Florida note: Federal rule.

HELOC INTEREST RULES:

Interest is generally deductible only if funds were used to improve the home securing the loan. Usage matters.

Florida note: Federal rule.

W-4 CHECKUP:

If you owed a lot or got a huge refund, your withholding may be off. Fixing it now affects every paycheck this year.

Florida note: Extra important since there's no state withholding.

HOME OFFICE DEDUCTION:

For self-employed owners with a dedicated, exclusive workspace. Not casual work. Be accurate.

Florida note: Federal deduction only.

ENERGY EFFICIENCY CREDITS:

Solar, windows, doors, HVAC, and insulation may qualify for federal tax credits. Credits reduce taxes owed dollar for dollar.

Florida note: Federal credits apply. Some local rebates may exist.

CAPITAL GAINS EXCLUSION:

If you sold a primary residence, up to $250,000 (single) or $500,000 (married) of gains may be excluded if occupancy rules were met.

Florida note: Federal rule. No state capital gains tax.

529 PLANS:

No Florida state deduction, but growth is federally tax-free and still valuable for families.

RETIREMENT CONTRIBUTIONS:

Some accounts allow contributions toward last year's taxes until April 15, 2026. This can reduce taxable income.

This isn't tax advice. I'm not a CPA. This is awareness. A short CPA review can put real money back in your pocket.

One simple next step: Reply REVIEW if you want me to flag home-related items worth asking your CPA about. If homeownership or equity plays a role in your 2025 plans, I'm here as a resource.