Owning a home has many benefits, from providing stable housing for you and your loved ones to the freedom to make design choices with your interior without the worry of consulting a landlord. In addition to these benefits, homeowners are often able to take advantage of federal tax benefits.
The government encourages home ownership because it can help spur economic growth, so to do that, there are often several tax incentives available for people who own their homes. You can deduct the interest you pay on your mortgage from your tax return, which can be particularly helpful at the beginning of your home ownership when most of your payment goes to your interest. You may even be able to use your PMI insurance as a tax advantage when you file. Consult your CPA for advice and specifics on your tax benefits.
