I've been working on my taxes the last few evenings and have wondered where the 'good old days' went, when I had a simple W2 to tell me what I made the prior year. Well, the good news that remains is that owning a home still provides tax advantages. The primary tax advantage of owning a home is the mortgage interest deduction, which can add thousands of dollars to your purchasing power, every year! As good as it sounds, the mortgage interest deduction is just one of several tax perks of owning a home. There are some of the other tax deductions and advantages that are available only to homeowners. Go to HGTV's FrontDoor.com for a good article on maximizing the benefits of home ownership.
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