Owning a home comes with many ways to save on taxes. Consider both deductions and exclusions when you file your 2016 return and tax planning for 2017.

1. Property Tax Deduction – Property tax is fully deductible unless you’re subject to the alternative minimum tax (AMT).

2. Mortgage Interest Deduction – You can generally deduct interest on up to a joint total of $1 million of mortgage debt incurred to purchase, build, or improve your principal and a second residence. Points paid in relation to your principal residence may also be deductible.

3. Home Equity Debt Interest Deduction – Interest on home equity debt (up to $100,000) used for any purpose may be deductible. However, if your home equity debt isn’t used for home improvements, the interest isn’t deductible for AMT purposes.

4. Home Office Deduction – If your home-office use meets certain qualifications, you can deduct a portion of your mortgage interest, property taxes, insurance, utilities, other specified expenses, and the depreciation allocable to the space. You may be able to use a simplified method for claiming the deduction.

6. Rental Income Exclusion – If you rent out all or a portion of your residence for less than 15 days, you don’t have to report the income. But expenses directly associated with the rental, such as cleaning and advertising, won’t be deductible.

7. Home Sale Gain Exclusion – When you sell your principal residence, you can exclude up to $250,000 ($500,000 for married couples filing jointly) of gain if you meet certain criteria. Although the gain allocable to a period of “nonqualified” use isn’t excludable.

8. Debt Forgiveness Exclusion – This exclusion for homeowners who received debt forgiveness in a foreclosure, short sale, or mortgage workout for a principal residence expired December 31, 2016, but Congress might may it.

There have been various proposals to eliminate other breaks, such as the property tax deduction, as part of tax reform.

Whether these changes will be signed into law and, if so, when they go into effect is unclear. Contact your advisor us for information on the latest tax reform developments or which home-related exclusions and deductions you may be able to claim.