Any politician will tell you: Nobody likes paying taxes! So as April 15 approaches, Phoenix homeowners may want to ask their financial pros about housing-related real estate deductions that could help soften the blow.

Trevor Halpern, J.D., CEO of Halpern Residential at eXp, is a Phoenix native, a graduate of ASU’s College of Law, and the No. 1 independent agent at eXp Realty in Phoenix, with over $330 million in real estate sales since 2011.  Halpern breaks down the top real estate deductions homeowners shouldn’t miss, and flags the “gotchas” that trip people up every year.

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MORTGAGE INTEREST DEDUCTION

Homeowners may be able to deduct home mortgage interest if the loan is secured by a qualified home and they itemize on Schedule A.

Key caveat: This typically only benefits taxpayers whose itemized deductions exceed the standard deduction, which isn’t everyone.

PROPERTY TAXES

The State and Local Tax (SALT) deduction allows homeowners to deduct qualifying property taxes.

Key caveat: There are caps on how much you can deduct, and those limits depend on filing status, income, and timing — so this isn’t always as generous as people expect.

FOR NEW HOME OWNERS: POINTS PAID ON A HOME LOAN

Points paid at closing are essentially prepaid interest, and they may be deductible.

Key caveat: This one gets technical fast. Whether you can deduct points upfront or over time depends on the loan and how it’s used, so it’s definitely a “consult your tax pro” situation.

INTEREST ON HOME EQUITY LOAN OR HOME EQUITY LINE OF CREDIT (HELOC)

Interest on a home equity loan or HELOC may be deductible — but only if the funds are used to buy, build, or substantially improve the home securing the loan.

Key caveat: Use matters. A kitchen remodel? Possibly deductible. Paying off credit cards? Probably not.

RENTAL-PROPERTY EXPENSES AND DEPRECIATION

For homeowners with rental properties, the tax advantages can be significant. Repairs, maintenance, insurance, and other expenses are often deductible, and depreciation can help recover the cost of the property over time. This is why renting a second home, investment property, or casita creates real tax advantages.

Key caveat: In some cases, expenses can even exceed rental income, subject to rules and limitations.

BONUS TIP FOR ARIZONANS

Here’s a local twist: Arizona taxpayers may be able to itemize on their state return even if they take the federal standard deduction. Translation? Even if you don’t itemize federally, you shouldn’t assume there’s no tax benefit at the state level.

All of the above should be confirmed with a certified tax professional based on individual circumstances.