Donations of items or property also are considered deductible charitable contributions. Generally, you can deduct charitable contributions of cash totaling up to 60% of your adjusted gross income, or AGI. You can deduct mortgage insurance premiums, mortgage interest and real estate taxes that you pay during the year for your home. State Taxes PaidĪgain, you can deduct state income taxes that are paid, but the write-off is limited to up to $10,000, which includes all deductible state and local taxes. The write-off is limited to interest on up to $750,000 ($375,000 for married-filing-separately taxpayers) of mortgage debt incurred after Dec. The interest you pay for your mortgage can be deducted from your taxes.

The limit is scheduled to last through the 2025 tax year, unless Congress extends it. Under a massive tax overhaul that was signed into law in 2017, deductible state and local income taxes (SALT), including property taxes, are capped at $10,000.

Property taxes may be deductible if you itemize, but a limit comes into play.

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