Buying a home has a number of different tax benefits that you can probably think of on your own, But you might not know....

• Closing Cost.  In the year that you first purchase your home, you can deduct some of the closing costs on your taxes.  This is true even if the seller was the one that paid your closing costs, meaning that you're basically getting free money.  This is only good in that first year, though, so you need to know about it in advance.
• Home Mortgage interest deduction.  Every year, you pay  mortgage on you home.  And every year, you can deduct the interest of that mortgage from your taxes.

THIS ALSO INCLUDES PRIVATE MORTAGE INTEREST FOR 2007!!!

• Home Equity Interest Deductions.  When you take out a home equity loan, it will also have interest and thi interest is also deductible on your taxes.  Interest on up to $100,000 of home loan debt can be deducted.
• Real Estate Tax Deductions.  You have to pay real estate taxes but you can get some of that money back as a deduction at tax time.
• Remodeling Improvement Deductions.  If you make major changes to your home, you may increase its value which ups the tax basis and saves you money later on.
• Sale of you home. In the future, when you go to sell your home, you can actually get a tax break on the money that is earned from the sale.  There are some rules to follow here (and it's always best to work with a Realtor and a tax attorney to make sure you've followed them correctly) but basically if you lived in the home for at least two years, you can get at least $250,000 from the sale of the home tax-free.