There are tax benefits you can take advantage of after you buy a home. There are tax write-offs available to homeowners even if the home is not their first home.
Property tax deduction: Depending on which state you live in, you may be able to claim some state or local tax deductions on your federal income tax return.
Mortgage points deduction: When you pay down points to reduce your interest on a mortgage, you can deduct this expense on your tax return, but only for the year you purchased them.
Mortgage interest deduction: Mortgage interest paid on loans used to improve, build or buy a home can be deducted from your federal income tax return.