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In some excellent news for millions of online sellers, the Internal Revenue Service (IRS) announced another delay of the $600 reporting threshold for Form 1099-K. Most home buyers take out a mortgage loan to buy their home and then make monthly payments to the mortgage holder. This payment may include several costs of owning a home. The costs the homeowner can deduct are: state and local real estate taxes, subject to the $10,000 limit. home mortgage interest, within the allowed limits: For qualifying debt taken out after December 15, 2017, you can only deduct home mortgage interest on up to $750,000 ($375,000 if you are married filing separately) of that debt. Homeowners can't deduct any of the following items: Insurance including fire and comprehensive coverage and title insurance The amount applied to reduce the principal of the mortgage Wages paid to domestic help Depreciation The cost of utilities, such as gas, electricity or water Most settleme