Traditional 401(k) contributions reduce your taxable income, but for W-2 employees, this tax benefit happens automatically through payroll. Your employer excludes the contributions from the wages reported in Box 1 of your W-2, so there is no separate deduction to claim on Form 1040.

Most closing costs are not tax-deductible, but three categories can produce a deduction for itemizers: qualifying mortgage points, per diem mortgage interest paid at closing, and the buyer’s share of real estate taxes paid at settlement.

Home equity loan and HELOC interest is tax-deductible, but only when the borrowed funds are used to buy, build, or substantially improve the home that secures the loan.

College expenses are not tax deductible for parents under current federal law, but they can generate two tax credits, the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC), that reduce tax owed dollar for dollar.

Moving expenses are not tax deductible for most taxpayers under current law, but active duty members of the Armed Forces who move due to a permanent change of station can deduct unreimbursed qualifying moving costs, and beginning in 2026, certain intelligence community members may also qualify.

Down payment assistance for first-time home buyers is financial aid that reduces or eliminates the upfront cash required to purchase a home, available through federal loan programs, state grants, and profession-specific resources that can often be combined.

Down payment assistance for non-first-time home buyers is financial aid available to repeat buyers who have previously owned a home, offered through programs that either have no first-time buyer requirement or waive that requirement under specific conditions.

Down payment assistance for seniors is financial aid that reduces the upfront cost of buying a home, available through income-based programs that accept Social Security and retirement income, with no age cutoff and no first-time buyer requirement in most cases.

Tax preparation fees are not deductible for personal filers under current law, but self-employed individuals and rental property owners can deduct the portion of their tax prep costs that relates to their business or rental income.

Home repairs are not tax-deductible for personal residences, but they are deductible for rental properties and, on a proportionate basis, for qualifying home office spaces used exclusively for self-employment.