There are many tax benefits to owning a home. At tax time you can deduct many expenses related to your home financing. When filing tax returns these expenses are subtracted from the total amount of taxes you owe.

Tax Benefits:
1.Property taxes you pay on your property are fully tax-deductible.

2. Interest you pay on the mortgage are fully tax-deductible.

3.Originate fees/Discount fee (referred to as "points") which you paid at loan closing to buy your home are fully tax-deductible. So if you have money you can pay 1 to 2 points to buy the lowest rate. It's tax-deductible!

check out IRS page for a list of deductions!

Example of savings:
You took out a $200,000 mortgage loan with 6% interest rate at 30 year term. Monthly payments of $1,199.10 and you paid a total of $12,922 in interest your first year. That $12,922 is fully tax-deductible while an annual rent of $12,922 is NOT tax-deductible.

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