How does owning a home affect your tax return?

Owning your own home is the American dream; however, for many it is much more than just a place to live and raise a family.  Owning a home can also help you when tax time rolls around each year.  Tax breaks for homeowners and deductions for home-related expenses can help lower your tax obligation (even in the year when you buy or sell your home).  Of course, in order to receive many of these tax advantages, you will be required to itemize your tax deductions rather than taking a standard tax deduction on your income tax return.

For more information read, “The pros of homeownership are tax write-offs.”