First-time homebuyers quickly learn the top ten tax benefits of owning a home, which makes you so much happier than doling out your dollars to a landlord every month. Let’s look at those tax benefits.

1. Mortgage Interest Deduction: One of the most significant benefits is the ability to deduct the interest you pay on your mortgage. In the U.S, you can deduct interest on a mortgage up to $750,000 for a married couple filing jointly. The limit is $375,000 for a married person filing a separate return.

• Property Tax Deduction: Homeowners can deduct property taxes on their federal income tax return. This is often substantial, especially in higher tax areas or for more valuable properties. 

• Home Office Deduction: If you use part of your home exclusively for conducting business, you may be able to deduct a portion of your home-related expenses, like mortgage interest, property taxes, and utilities. But please check with your accountant or tax advisor for these deductions.

• Capital Gains Exclusion: If you’re single and sell your home, you can exclude up to $250,000 of your capital gain from your income ($500,000 for a married couple). This means that you wouldn’t pay tax on this amount of profit from the sale of your home. To qualify for this exclusion, you must meet certain requirements. The property must have been your primary residence for at least two of the five years before the sale. You also can’t have excluded the gain from the sale of another home during the two-year period before the sale of this home. Again, as tax laws can be complicated and may change, it’s best to consult with a tax advisor or an accountant to get the most accurate and up-to-date information.

• Mortgage Points Deduction: Some homeowners might choose to pay mortgage points up front in exchange for a lower interest rate. These points, or loan origination fees, are usually tax-deductible in the year they are paid.

• Home Equity Loan Interest Deduction: If you take out a home equity loan or home equity line of credit, you may be able to deduct the interest on these loans if the funds are used to “buy, build or substantially improve” the home that secures the loan.

• Energy Efficiency Upgrades: Certain energy-efficient upgrades can provide tax credits. These can include things like solar panels, wind turbines, or other alternative energy installations.

• Home Improvement Loan Interest Deduction: While not directly a tax benefit of owning a home, if you take out a loan for home improvements, the interest may be deductible if the improvement adds value to your home, prolongs its useful life, or adapts it to new uses.

• Rental Income: If you rent out a portion of your home, such as a basement or a room, the rental income you receive might be tax-free if you meet certain requirements. Moreover, you can deduct rental expenses like repairs, utilities, insurance, and depreciation against that income.

1. Casualty Loss Deduction: If your home is damaged in a disaster declared by the government, you may be able to claim a casualty loss deduction. Be sure to check with your insurance agent before any disasters occur.

Remember that tax laws are complex and can change, so it’s always a good idea to consult with a tax professional to understand how these benefits apply to your particular situation. Also, the tax advantages must be balanced with home ownership’s costs and responsibilities, such as maintenance, insurance, and repairs.