What are the tax advantages of buying a home?
This is really a question you should ask a CPA or whoever does your taxes. I encourage you to follow up with a professional tax advisor as I’m not qualified or authorized to give advice in two areas – legal matters and tax matters. Briefly put, providing you itemize deductions, own and occupy the home, you can deduct both property taxes paid on the home and interest paid on your mortgage. You can deduct the points and prepaid interest you make during the actual purchase, whether you pay them or the seller pays them on your behalf. There are certain limits and restrictions which do not affect most people, but this is another reason you should contact a tax professional regarding your question.
