There are some significant tax benefits made available to homeowners – be SURE to talk to your accountant about such aspects as listed below:

1. Every year one will have the opportunity to write-off on their tax filing the mortgage interest, taxes, and possibly some items of closing costs.  One will be able to utilize the 1040 Schedule A form (‘long’ form) vs. the 1040-A form (‘short’ form).  When utilizing the long form one can write-off other expenses  such as charitable deductions.  One should consult with an accountant about the best means to take maximum advantage of the tax benefits of owning a home.
2. If one decides to sell their home in the future it will be important to understand the ‘basis’ value of the home versus the value when sold.  [Keep the HUD-1/CD document and appraisal.] One can increase the basis by including the cost of capital improvements.  For this reason one will want to include receipts related to capital improvements in a binder held for home expenses.  [Note: capital improvements are items that – add value; extend the useful life of the home; changes the use of something; e.g. wood floors, granite counters, renovated kitchen, swimming pool, etc.]  Some things to keep in mind when considering the sale of the house [since 2013 laws]:

A $250k/$500k max. profit (single vs. married) exclusion exists:

1. If the home is a principle residence; AND
2. The home was not acquired via a 1031 exchange; AND
3. If one has lived in the home for 2 years within the last 5 years

(as with anything gov’t related it isn’t always simple – see the linked publication for all the exceptions and specifications):

Publication 523 (2019) Selling your Home [this is the holy grail – read it for complete/correct understanding and consult an accountant]

Generally, the gain is the home’s selling price, minus deductible closing costs, selling costs, and the tax basis in the property. (The basis is the original purchase price, plus purchase expenses, plus the cost of capital improvements, minus any depreciation and minus any casualty losses or insurance payments.)  See an accountant to understand implications of capital gains for your particular situation.

See also:
– Capital Gains and your Home Sale
– Avoiding Capital Gains Taxes

PLEASE Call me if you decide to sell your home.  I would love the opportunity to help you market and sell the home.

NOTE – If one decides to rent/lease their home in the future keep in mind that many of the expenses can be written off (capital improvements and repairs – keep receipts); also, the home will be set on a depreciation schedule.  As such one needs to be sure to consult an accountant about the tax implications of renting/leasing a home and subsequent sale thereof – tax implications.  Also, be SURE to check on the insurance implications of owning an investment property.