There are many tax benefits to home ownership (owning your personal residence). These include tax deductions that you can claim in the year that you purchase the home, along with tax deductions for the years when you own and live in the home. After the interest you pay on a mortgage and the real estate taxes as well, there are many other tax deductions and planning considerations. Given that the personal residence is the major asset for most American families, it pays to pay attention to the potential tax savings it can also generate.
I will be posting a subsequent article on the tax benefits associated with selling your personal residence, which can be very advantageous under current tax laws!
Please be aware that tax laws are constantly changing and before you implement any tax strategy that you consult with competent counsel to assist and advise.