Another advantage is that the equity you build over the years can help qualify you for other loans, such as college and car loans. Mortgage interest payments are deductible By owning a home, you can write off the interest on your mortgage on your tax return. In many cases, this will take you above the minimum itemized deductible, allowing you to write off many other items. The tax code is generous to homeowners. Not only can you deduct the interest on your home mortgage, but you can avoid taxes on the profit from selling your home if you buy another home of equal or greater value within two years of the sale.
Married couples tend to qualify for higher exclusions.
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