According to the popular personal finance blog The Dough Roller, there are two things you can count on when you become a homeowner: You get more tax breaks, and your taxes get more complicated. See the Form 1040 and Schedule A.
- Mortgage interest deduction.
- Points deduction when you finance a home.
- Deduction of private mortgage insurance (PMI) premiums on certain mortgages.
- Tax savings on the gain when you sell.
For detailed description of the deductible expenses and full article see 4 Tax Breaks of Homeownership – My Money (usnews.com).
- 4 Tax Breaks of Homeownership (money.usnews.com)
- Deducting Mortgage Interest FAQs (turbotax.intuit.com)