Essential Tax Questions for Homeowners Ahead of April 15 Deadline
Filing taxes soon? 7 crucial questions every homeowner should ask now
The Economic TimesImage: The Economic Times
As the April 15 tax filing deadline approaches, homeowners should be aware of crucial tax benefits, including the Residential Clean Energy Credit for solar panel installations and updated SALT deduction limits. Tax strategist Katrina Martin highlights key deductions that can lead to larger refunds this year.
- 01Homeowners can claim a 30% tax credit for solar panels installed in 2025.
- 02The SALT deduction cap has increased to $40,000, benefiting many homeowners.
- 03Mortgage interest deductions are limited to $750,000 for loans taken after 2017.
- 04Average tax refunds are projected to rise to $3,742, up 10.6% from last year.
- 05Taxpayers can file for an extension until October 15, but taxes owed must be paid by April 15.
Advertisement
In-Article Ad
With the tax filing deadline of April 15, 2026, approaching, homeowners are encouraged to clarify their tax benefits. Tax strategist Katrina Martin outlines important deductions and credits that can maximize refunds this year. Homeowners who installed solar panels in 2025 can claim a 30% federal tax credit under the Residential Clean Energy Credit. The SALT (State and Local Tax) deduction cap has increased to $40,000, allowing more homeowners to itemize deductions. For mortgages, interest can be deducted on loans up to $750,000 for those taken after 2017, while there is no limit for rental properties. Additionally, the average tax refund in February 2026 was reported at $3,742, reflecting a 10.6% increase from the previous year. Homeowners should also be aware that while they can file for an extension until October 15, any taxes owed must be paid by the April deadline to avoid interest penalties.
Advertisement
In-Article Ad
These tax benefits can lead to significant savings for homeowners, potentially increasing their refunds and reducing overall tax liabilities.
Advertisement
In-Article Ad
Reader Poll
Are you planning to take advantage of tax credits for solar energy this year?
Connecting to poll...
Read the original article
Visit the source for the complete story.
