There are several tax benefits of buying a home.
The first benefit is that all of the interest that you pay on the mortgage will be considered a deductible. This is as long as the mortgage that you have on the home is not over $750,000. The deduction is simple to do no matter if you are doing your taxes yourself or having a professional to do them. Plus, you are going to be able to include the interest that you paid as part of the closing of your home. All of this will be found on the settlement sheet.
The second benefit is some of the money that you have paid on your property taxes are also deductible on your taxes. At one time, you had the ability to deduct all of your taxes but now based on the new tax laws, you will…