Yes, you can deduct mortgage interest and property taxes on your Form 1040, but you’ll need to itemize your deductions on Schedule A instead of taking the standard deduction. For tax year 2025, the mortgage interest deduction is limited to interest paid on up to $750,000 of acquisition debt for a principal residence and a second home (Source: 26 U.S. Code § 163(h)(3)). Property taxes paid on your primary residence and any other real estate you own are also deductible on Schedule A. However, the total of all state and local tax deductions, including property taxes and income/sales taxes, is capped at $10,000 for single filers or married filing jointly (Source: 26 U.S. Code § 164(b)(6)).
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