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One of the great financial benefits of home ownership versus rental is that you are immediately eligible to deduct a goodsized amount of money from your income tax. As a homeowner, you will generally find it to your advantage to itemize deductions rather than taking the standard deduction.
This is especially true during the earlier years of home ownership. The mortgage interest and real property taxes on your personal residence, when added to other deductible items will usually be well in excess of any standard deduction you could claim.
83.7%