Tax Tip 2026-42: Homeowners should review any tax benefits for homeownership

IRS Tax Tips May 21, 2026 Issue Number: Tax Tip 2026-42 Homeowners should review any tax benefits for homeownership The year is nearly half over which makes it a good time to remind homeowners and future homeowners to review their eligibility for any tax deductions, programs and housing allowances. If eligible, these tax benefits could help with some of the common costs of being a homeowner. Deductible house-related expenses Taxpayers must itemize their deductions to deduct homeownership expenses. Most home buyers take out a mortgage to buy their home, and their mortgage lender may bundle other home-related costs. The costs the homeowner can deduct are: State and local real estate taxes, subject to a $40,000 limit or $20,000 if married filing separately Home mortgage interest, within the allowed limits Homeowners can't deduct any of the following items: Insurance including fire and comprehensive coverage and title insurance The amount applied to reduce the principal of the mortgage Wages paid to domestic help Depreciation The cost of utilities, such as gas, electricity or water Most settlement or closing costs Forfeited deposits, down payments or earnest money Internet or Wi-Fi system or service Homeowners’ association fees, condominium association fees or common charges Home repairs Mortgage Interest Credit The Mortgage Interest Credit helps people with lower income afford homeownership. Those who qualify can claim the credit each year for part of the home mortgage interest paid. A homeowner may be eligible for the credit if they were issued a qualified Mortgage Credit Certificate from their state or local government. Ministers and military housing allowance Ministers and members of the uniformed services who receive a nontaxable housing allowance can still deduct their real estate taxes and home mortgage interest. They don't have to reduce their deductions based on the allowance. More information Publication 530, Tax Information for Homeowners Publication 936, Home Mortgage Interest Deduction Subscribe to IRS Tax Tips Back to top           Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. RECEIVE TEXT MESSAGES FROM THE IRS! Did you know you can now receive IRS bulletins directly on your mobile phone? Stay informed wherever you are with convenient text message updates. Some IRS topics like IRS Newswire and QuickAlerts are available for text subscription, giving you faster access to important information through a new, easy-to-use communication channel. Additional topics will be added throughout the year, expanding the information you can receive by text. Opt-in today to start receiving IRS text message bulletins and stay connected on the go. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message. Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Contact Your Local IRS Office Filing Your Taxes Forms & Instructions Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media

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Recent Development for Tax Products

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Recent Developments for Tax Products 05/21/2026
Tax Products Topics Forms & Publications All Tax Products Draft Tax Products Help with forms and instructions Post-release changes to tax forms, instructions, and publications Comments on Tax Forms, and Publications IRS Resources Taxpayer Bill of Rights Contact My Local Office File your tax return Newsroom Let us help you Taxpayer Advocate Service Where to File	The Following Early Release(s) have been posted Early Releases are draft versions of tax forms, instructions, and publications. Do not file draft forms and do not rely on information in draft instructions or publications. Product Title Rev. Date Posted Form 1065 (Schedule K-1) Partner's Share of Income, Deductions, Credits, etc. 2026 05/21/2026 Back to Top Thank you for subscribing to Recent Development for Tax Products, an IRS e-mail service. This message was distributed automatically from the mailing list Recent Development for Tax Products. Please Do Not Reply To This Message.

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Recent Development for Tax Products

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Recent Developments for Tax Products 05/21/2026
Tax Products Topics Forms & Publications All Tax Products Draft Tax Products Help with forms and instructions Post-release changes to tax forms, instructions, and publications Comments on Tax Forms, and Publications IRS Resources Taxpayer Bill of Rights Contact My Local Office File your tax return Newsroom Let us help you Taxpayer Advocate Service Where to File	The Following Early Release(s) have been posted Early Releases are draft versions of tax forms, instructions, and publications. Do not file draft forms and do not rely on information in draft instructions or publications. Product Title Rev. Date Posted Form 2106 Employee Business Expenses 2026 05/21/2026 Form 945-X Adjusted ANNUAL Return of Withheld Federal Income Tax or Claim for Refund Feb 2027 05/21/2026 Form 944-X Adjusted Employer's ANNUAL Federal Tax Return or Claim for Refund Apr 2027 05/21/2026 Back to Top Thank you for subscribing to Recent Development for Tax Products, an IRS e-mail service. This message was distributed automatically from the mailing list Recent Development for Tax Products. Please Do Not Reply To This Message.

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Recent Development for Tax Products (Daily Summary)

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Recent Development for Tax Products – Daily 05/20/2026
Tax Products Topics Forms & Publications All Tax Products Draft Tax Products Help with forms and instructions Post-release changes to tax forms, instructions, and publications Comments on Tax Forms, and Publications IRS Resources Taxpayer Bill of Rights Contact My Local Office File your tax return Newsroom Let us help you Taxpayer Advocate Service Where to File	The Following Early Release(s) have been posted Early Releases are draft versions of tax forms, instructions, and publications. Do not file draft forms and do not rely on information in draft instructions or publications. Product Title Rev. Date Posted Form 1040 (Schedule C) (sp) (Spanish Version) Profit or Loss From Business (Sole Proprietorship) (Spanish Version) 2026 05/20/2026 Form 4797 Sales of Business Property 2026 05/20/2026 Form 8832 Entity Classification Election Dec 2026 05/20/2026 Form 1040 (Schedule B) Interest and Ordinary Dividends 2026 05/20/2026 Form 8829 Expenses for Business Use of Your Home 2026 05/20/2026 Form 7210 Clean Hydrogen Production Credit Dec 2026 05/20/2026 Form 1040 (Schedule H) (sp) Household Employment Taxes (Spanish Version) (Spanish Version) 2026 05/20/2026 Form 1065 (Schedule D) Capital Gains and Losses 2026 05/20/2026 Back to Top Thank you for subscribing to Recent Development for Tax Products, an IRS e-mail service. This message was distributed automatically from the mailing list Recent Development for Tax Products. Please Do Not Reply To This Message.

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Recent Development for Tax Products

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Recent Developments for Tax Products 05/20/2026
Tax Products Topics Forms & Publications All Tax Products Draft Tax Products Help with forms and instructions Post-release changes to tax forms, instructions, and publications Comments on Tax Forms, and Publications IRS Resources Taxpayer Bill of Rights Contact My Local Office File your tax return Newsroom Let us help you Taxpayer Advocate Service Where to File	The Following Early Release(s) have been posted Early Releases are draft versions of tax forms, instructions, and publications. Do not file draft forms and do not rely on information in draft instructions or publications. Product Title Rev. Date Posted Form 1065 (Schedule D) Capital Gains and Losses 2026 05/20/2026 Back to Top Thank you for subscribing to Recent Development for Tax Products, an IRS e-mail service. This message was distributed automatically from the mailing list Recent Development for Tax Products. Please Do Not Reply To This Message.

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Recent Development for Tax Products

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Recent Developments for Tax Products 05/20/2026
Tax Products Topics Forms & Publications All Tax Products Draft Tax Products Help with forms and instructions Post-release changes to tax forms, instructions, and publications Comments on Tax Forms, and Publications IRS Resources Taxpayer Bill of Rights Contact My Local Office File your tax return Newsroom Let us help you Taxpayer Advocate Service Where to File	The Following Early Release(s) have been posted Early Releases are draft versions of tax forms, instructions, and publications. Do not file draft forms and do not rely on information in draft instructions or publications. Product Title Rev. Date Posted Form 7210 Clean Hydrogen Production Credit Dec 2026 05/20/2026 Form 1040 (Schedule H) (sp) Household Employment Taxes (Spanish Version) (Spanish Version) 2026 05/20/2026 Back to Top Thank you for subscribing to Recent Development for Tax Products, an IRS e-mail service. This message was distributed automatically from the mailing list Recent Development for Tax Products. Please Do Not Reply To This Message.

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Consejo tributario del IRS 2026-41SP: Un vistazo más detallado a lo que significa el derecho de estar informado

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Consejos Tributarios del IRS 19 de mayo de 2026
Esenciales de Noticias Noticias en Español Consejos Tributarios del Cuidado de Salud Oficina de Prensa Fraudes Tributarios Alrededor de la Nación Temas de Interés IRS.gov/Español   Consejos Tributarios Centro Multimediático Hojas de Datos Recursos del IRS Medios Sociales y el IRS Contacto de Mi Oficina Local Formularios e Instrucciones Defensor del Contribuyente Los Derechos del Contribuyente	Consejo tributario del IRS 2026-41SP Un vistazo más detallado a lo que significa el derecho de estar informado Todos los contribuyentes tienen derecho a saber qué deben hacer para cumplir con las leyes tributarias. Esto forma parte del Derecho de estar informado, uno de los 10 derechos fundamentales que integran la Carta de Derechos del Contribuyente del IRS. El Derecho de estar informado significa que los contribuyentes tienen derecho a: Saber y entender lo que deben hacer para cumplir con las leyes tributarias. Tener explicaciones claras de las leyes y los procedimientos del IRS en todos los formularios, instrucciones, publicaciones, avisos y correspondencia. Ser informados de las decisiones del IRS acerca de sus cuentas tributarias. Recibir explicaciones claras de los resultados de las decisiones del IRS. Para asegurarse de que los contribuyentes estén informados, el IRS: Incluye dentro de ciertos avisos cualquier cantidad de impuestos, intereses y ciertas multas que adeude el contribuyente. Explica por qué el contribuyente adeuda cualquier saldo pendiente. Explica las razones específicas por las que se denegó un reclamo de reembolso. Publica información en IRS.gov para ayudar a los contribuyentes a entender su aviso o carta del IRS. Envía una carta cuando la agencia hace una tasación. Esa carta debe incluir: Información acerca de cómo el contribuyente puede apelar la decisión. Una explicación de todo el proceso, desde la auditoría hasta la recaudación. Detalles acerca de cómo el Servicio del Defensor del Contribuyente puede ayudar. Envía una declaración anual a los contribuyentes que establecen un plan de pagos, también conocido como un plan de pagos a plazos. La declaración incluirá cuánto el contribuyente: Adeudaba al comienzo del año Pagó durante el año Todavía adeuda al final del año Pone formularios y publicaciones (en inglés) a disposición de los contribuyentes en IRS.gov. Usa las redes sociales para proporcionar información tributaria útil a una amplia audiencia de contribuyentes. Back to top         Gracias por suscribirse a Consejos Tributarios en Español del IRS, un servicio de correo electrónico del IRS. Para obtener más información sobre los impuestos federales, por favor visite la página de internet IRS.gov. Este mensaje fue distribuido automáticamente de la lista de correos electrónicos de Consejos Tributarios en Español del IRS. Por favor no responda a este mensaje.

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