The 7 last minute tax questions owners have, consultants reveal

With less than two weeks left to file taxes, some owners are scrambling to get their paperwork collectively before April 15. 

With many reports suggesting that refunds are much larger this yr given the Trump administration’s new adjustments, it would be advantageous to file shortly and get pleasure from a probably sizable refund. 

If you’ve waited until the last minute, you might have some lingering questions about what you can and can not claim this yr. 

Katrina Martin, a tax strategist and founder of Wow Tax & Advisory Services and WealthFlow365, a tax and wealth advisory program constructed for business homeowners and real estate buyers, spoke with Realtor.com to reply some of the most urgent questions. 

Question 1: Can I deduct my photo voltaic panel buy?

If you bought and put in photo voltaic panels in 2025, Martin confirmed you can still claim the Residential Clean Energy Credit, which permits you to deduct 30% of the price of your photo voltaic electric system from your federal taxes and notes there are “even more savings if purchased for a business with bonus depreciation.” 

However, under the One Big, Beautiful Bill, this credit has been phased out for homeowner-owned systems bought after Dec. 31, 2025. 

If you’ve waited until the last minute to file your taxes, you might have some lingering questions about what you can and can not claim this yr. A. Frank/peopleimages.com – stock.adobe.com

Question 2: How much mortgage curiosity can I deduct?

When trying at your mortgage curiosity, you first have to look at how you’re submitting your taxes.

“If you itemize, you can deduct up to $750,000 of mortgage debt for loans on your personal residence that originated after 2017,” explains Martin. “If originated before 2017 the cap is $1 million. However, there is no limit on deductible mortgage interest for rental properties.”

Question 3: Can I deduct my property taxes?

Martin explains that you can deduct your personal property and rental property taxes each yr.

“On your personal property you will need to exceed the standard deduction limits,” she provides. Given the adjustments last yr, doing so has become simpler for some owners. 

“If you itemize, you can deduct up to $750,000 of mortgage debt for loans on your personal residence that originated after 2017,” explains Katrina Martin, a tax strategist. ijeab – stock.adobe.com

The SALT (state and native tax) deduction restrict cap has been considerably elevated to $40,000 (up from the earlier $10,000). This is a main win for owners in high-tax states like New Jersey.

Additionally, you can deduct a portion “if you have a home office for your business,” says Martin. 

Question 4: Can I deduct my HOA charges?

Generally, no. If the home is your major residence, HOA charges are thought of a personal residing expense and are not deductible.

But Martin notes there are exceptions.

“If you have rental properties, you can fully deduct HOA fees,” she explains. “If you have a home office for your business, you can deduct the business-use percentage of your HOA fees if you use the actual expenses method.”

Question 5: Can I retroactively add funds to my retirement accounts—401(okay)s or IRAs—for 2025? If so, can I contribute to both?

If you held off on contributing to your retirement accounts to repay payments and other bills, there is still time in certain circumstances. 

But the trick is, you need to be mindful of how much money you’re placing into each of these accounts and the limits. 

“If you contribute anything to a 401(k), you are considered an active participant in a retirement plan, which triggers MAGI [modified adjusted gross income] phase-out rules for a traditional IRA,” Martin explains. 

“However, Roth IRA contributions are only impacted by MAGI phase-out rules, not by active participation in a retirement plan. If income is too high for Roth directly, the backdoor Roth is an option.”

If you held off on contributing to your retirement accounts to repay payments and other bills, there is still time in certain circumstances.  Yuliia – stock.adobe.com

Question 6: Are there elements that might lead owners to obtain a bigger refund this yr?

Because tax legal guidelines modified midyear, many employers’ withholding tables didn’t replace immediately. This means you might have overpaid into the system all through 2025, ensuing in a bigger verify now.

Additionally, as talked about, being ready to deduct up to $40,000 in state and native taxes (instead of $10,000) permits many more owners to itemize and clear the normal deduction bar.

The average tax refund as of February 2026 is $3,742, according to the Internal Revenue Service. That’s 10.6% larger than last yr’s average refund of $3,382.

Because tax legal guidelines modified midyear, many employers’ withholding tables didn’t replace immediately. This means you might have overpaid into the system all through 2025, ensuing in a bigger verify now. fotoak80 – stock.adobe.com

However, with skyrocketing fuel costs, those tax refunds could be shortly erased, according to a new research from economists at Stanford University.

Question 7: Do I have to file taxes by April 15?

Yes—and now. The federal tax submitting deadline is Wednesday, April 15, 2026, but if you need more time, Martin reveals there are choices. 

“You can file an extension by that date as well,” she says. 

“An extension gives you until Oct. 15 to file. However, if you owe taxes, it does not give you more time to pay; interest starts accruing on April 15.”