This is the archive of CPA Now blogs posted on the PICPA website through April 30, 2025. Want more recent blogs?

Read current blogs

Owning a home may not be the American Dream for everyone, but the U.S. tax structure certainly provides many incentives to help individuals and couples achieve this goal. From credits to deductions, there are many savings, and questions, when it comes to homeownership. Here are 10 suggestions CPAs have for homeowners:

1. If I purchased a home with a family member, how do we split it on our taxes?
2. Is it better to take a loan for a home purchase or take a lump-sum withdrawal from a 401(k)?
3. Can I claim residential moving expenses on my taxes?
4. My boyfriend wants to claim his rent to me on his taxes, but I don’t want to be a landlord.
5. How does buying a house affect my taxes?
6. What do I need to know before investing in real estate?
7. What do I need to know if I want to invest in a rental property?
8. Is now a good time to buy or sell a home?
9. Five ways to save on moving costs
10. Pennsylvania employees and residents who cross state lines have another set of questions and concerns.

There is one more thing to consider: how a home can play into your estate plan. Whether you want to use your home to help support your heirs or your favorite charity, there are tax considerations for that too. Learn the real benefit that comes from real estate gifts.   

Do you still have questions about your home and taxes? Take a look at other Ask a CPA questions and answers. If you’re wondering if it’s time to talk to a CPA, here’s some tips to help you decide if it’s time to give up the DIY tax return. For specific advice and guidance, talk to a CPA who can explain the intricacies of the tax laws and develop your personal tax strategy. PICPA’s CPA Locator is a handy tool to help you find a CPA who can tame your taxes.