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Do I get a deduction for owning (or buying) a home?

There are several tax breaks available to homeowners.

  • The Home Mortgage Interest Deduction allows you to deduct interest paid on a home mortgage.
  • Mortgage insurance premiums may be deductible. Real estate taxes, including state, local, and foreign taxes, are generally deductible.
  • The Nonbusiness Energy Property Credit and Residential Energy Efficient Property Credit allow credits for energy efficient improvements to your home.
  • The Mortgage Interest Credit is available to taxpayers who were issued a Mortgage Credit Certificate (MCC) by a state or local government agency under a qualified mortgage credit certificate program.
  • The First-Time Homebuyer Credit is available for 2008-2010 and in 2011 for certain military and government personnel.