- Write off the interest you paid on a mortgage of up to $1 million, as long as the property is your main or secondary residence.
- Deduct the interest you pay on home equity loans of up to $100,000, so long as you are not subject to the alternative minimum tax or AMT (unless you use the loan for home improvements).
- Deduct your state and local property taxes from your federal income taxes, where applicable.
- Deduct certain home buying expenses including points, and prorated interest and property taxes.
- When you sell your home, you may not have to pay federal income taxes on the earnings from the sale, up to $250,000 for single filers or $500,000 for joint filers, as long as you used the home as a primary residence for at least two of the five years prior to selling. Some states offer this as well.
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