Did you buy or sell a home in 2025? There’s a lot to think about, especially for first-time buyers or sellers. And with so many changes to tax laws and other financial matters during the course of the year, you may want a refresher even if you’re not a first-timer. Read on for all kinds of considerations, no matter which side of the deal you were on in 2025.
If you bought your first home during 2025 using a mortgage, you’re probably going to get a hand at tax time. Unlike rent, mortgage interest and property taxes are usually deductible. And with the expansive tax changes signed into law this summer, you may be able to take advantage of itemizing your expenses rather than relying on the standard deduction.
For 2025, the standard deduction is $15,750 for single filers, while it's $31,500 for those filing jointly, notes Daniel Shomper, a wealth manager with Independence, Ohio-based Fairway Wealth Management. If you’ve accumulated more tax-deductible expenses than that during the year, you may be better off itemizing.
The White House's signature tax, spending and policy legislation, popularly known as the "One Big Beautiful Bill Act," increased the amount of state and local taxes you can deduct from your federal income tax to $40,000. (That limit is lower for higher-income taxpayers, however.)
