Tax Breaks
Of course, one of the best parts about buying a home is the tax break you receive from the government.

What's Deductible?

• Interest on your mortgage
• Property Taxes (but water or sewer assessment may not be)
• Some Closing Costs (including home inspections, appraisals or loan application fees)
• Loan points (deductible in the year that you pay them; in a refinance, the points are written off in increments over the term of the loan)

What Is Not Deductible?

• Home improvement Expenses
• Homeowner and Co-op dues
• Insurance Expenses

Note: Be sure to consult with your tax counsel about the tax benefits of owning your home.

For free publications from the Internal Revenue Service, call 1-800-TAX-FORM and ask for the following publications:

• 521 "Moving Expenses"
• 534 "Depreciation"
• 541 "Tax Information on Partnerships"
• 551 "Basis of Assets"
• 555 "Federal Tax Information on Community Property"
• 590 "Individual Retirement Arrangements"
• 908 "Bankruptcy and Other Debt Cancellation"
• 936 "Home Mortgage Interest Deduction"