Sign up to get new listings emailed daily! JOIN SIGN IN
(567) 241-2642 Email (567) 241-2642
Jim Hairston
REALTOR®, Relocation Director
(567) 241-2642
Facebook Icon X Icon LinkedIn Icon 
Jim Hairston Blog

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Area News and Information | 14 Posts
Ashland Ohio | 2 Posts
Bellville Ohio | 3 Posts
Buy a House | 48 Posts
Community | 2 Posts
Distressed Properties | 9 Posts
Finance | 2 Posts
Galion Ohio | 1 Posts
Haring Realty | 1 Posts
Home Maintenance | 11 Posts
Home Maintenance Tips | 8 Posts
Homeownership | 95 Posts
Housing Market | 32 Posts
Housing Market | 89 Posts
Lexington Ohio | 2 Posts
Lucas Ohio | 2 Posts
Mansfield Ohio | 64 Posts
Marketing | 12 Posts
Money-Saving Tips | 1 Posts
Moving Tips | 3 Posts
Ontario, Ohio | 2 Posts
Richland County | 3 Posts
Sell Home | 4 Posts
Selling Your Home | 47 Posts
Shelby Ohio | 2 Posts
Tips for Buyers | 1 Posts
Tips for Sellers | 1 Posts
Uncategorized | 1 Posts
real estate overview Mansfield OH homes realtor richland county listing selling making offer today's real estate market Sellers Market Updates First Time Homebuyers For Buyers Move-Up Buyers For Sellers First Time Homebuyers For Buyers selling sell sales homes north central ohio Forclosures Distressed Properties House sales buyers sellers Finance Mortgage New Construction Remodeling Kitchens Bathrooms Resale Area Information Community Events Local Attractions Things to do Haring Realty Buying a house Home maintenance Home improvement Homeowner Selling Your House Lucas OH Outdoor Adventures Historic properties Holidays Home Safety Home-buying tips Millennial Buyers Closing Costs Home Loan Money-Saving DIY Add Value to Your Home top realtor Seller's Market Local businesses Restaurants Bellville OH Local breweries energy savings Down payment Real Estate Agent REALTOR® Shelby OH Ashland OH Ontario OH Ohio State Reformatory Family fun Festivals Inherit a Home Education Local colleges Giving Tuesday Local charities Open house For Owners Home tech Parks Home Decor Decorating Outside Projects Entertaining Home Inspection Crestline OH Crestview OH Delaware OH Lexington OH Madison OH Fredericktown OH Galion OH Hillsdale OH Loudonville/Perrysville School District Mapleton OH Clear Fork Valley School District Marengo OH Mount Gilead OH Plymouth OH Sunbury OH Landscaping Moving Bucyrus OH Loudonville OH Findlay OH Fostoria OH Bowling Green OH
English
December
4

December 4th, 2023 by

Year-End Tax Tips for Homeowners - Mansfield, OH | Haring Realty

Did you buy a home in 2023? Congratulations! In addition to all the obvious benefits of owning a house, you may also qualify for a variety of tax incentives. Even if you didn't buy this year, you'll discover there may be opportunities to save. Our REALTORS® want you to know them!

Much like tax brackets, tax incentives are subject to change every year. However, one thing remains consistent: Tax breaks for homeowners. By providing these perks, the hope is that more people will take the plunge and buy Mansfield homes for sale.

The best way to learn about tax advantages in any situation is to consult a tax professional. You should consider articles like these as a starting point and bring any questions to an expert. With that in mind, let's take a closer look at some 2023 tax details you should know about:

  • Mortgage Interest on Residences
    All homeowners have the opportunity to deduct mortgage interest on a primary residence, no matter how long they occupied it in a year, as long as they made payments. Likewise, most people with a second residence can use the same deduction on it, although there are limits.

  • Points Paid When You Bought a Home
    No matter if you paid for points or the seller did, you may benefit from tax deductions on points paid. These "points" represent prepaid interest borrowers can opt to pay the lender at the time of closing. One point represents 1% of the loan amount and is usually paid by the buyer directly.

  • Home Improvements for Medical Care
    If you need to update your home for medical purposes, you may benefit from tax help. For example, say someone in your home has been diagnosed with a condition that confers mobility impairment. If you now need grab bars in the shower or a lift for the stairs, these may earn tax incentives.

  • Home Equity Loan and HELOC Interest
    Although not pertinent for those who bought a home this year, a homeowner who has built up some equity might take on a home equity loan or home equity line of credit (HELOC). This acts as a second mortgage, which means you can deduct the interest if used for home improvement or renovation.

  • Remember Standard vs. Itemized Deductions
    No matter what 2023 held for you, remember that you can save more on taxes if your itemized deductions exceed the standard deduction. The standard deduction for 2023 is $12,950 for single or filing separately, $25,900 for married filing jointly, and $19,400 for head of household.

  • Home Office Deduction
    If you are a business owner whose primary place of business is your home, you can deduct home office expenses from your taxes. The deduction is based on the percentage of your home used to work. Be careful, as it is very easy to overestimate this deduction, which can lead to an audit.

  • Private Mortgage Insurance
    Some lenders require private mortgage insurance as an additional hedge against the possibility you may default on your loan. It's only necessary until a certain level of equity. As an additional expense, it'll impact how much interest you can deduct using itemized deductions.

Contact us to learn more about Ohio real estate.

Categories: Homeownership
Tags: Mansfield OH, Lucas OH, Haring Realty, Homeowner, Shelby OH, Bellville OH, Ashland OH, Ontario OH, For Owners, Crestline OH, Crestview OH, Delaware OH, Fredericktown OH, Galion OH, Hillsdale OH, Lexington OH, Madison OH, Mapleton OH, Marengo OH, Mount Gilead OH, Plymouth OH, Sunbury OH, Bucyrus OH
Jim Hairston
Jim Hairston Cell: (567) 241-2642 Email Me
X IconLinkedIn Icon
Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 04/14/2026. The listing information on this page last changed on 04/14/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Tue 04/14/2026 1:32:17 AM EST) or CBRMLS (last updated Tue 04/14/2026 12:44:28 AM EST) or Ashland MLS (last updated Mon 04/13/2026 10:00:38 PM EST) or Firelands MLS (last updated Mon 04/13/2026 11:11:45 PM EST) or MLS NOW (last updated Tue 04/14/2026 12:17:30 AM EST) or Mansfield MLS (last updated Mon 04/13/2026 11:47:14 PM EST). Real estate listings held by brokerage firms other than Haring Realty may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
Privacy Policy / DMCA Notice / ADA Accessibility
Federal Housing Equal Opportunity Realtor
This site is hosted, designed and copyright © 1994 - 2026 by Delta Media Group, Inc. -- Patent Pending --
  

Login to My Homefinder

Forgot Password

Register

Get Pre-Approved

Pixel