Owners are entitled to write off mortgage interest and property taxes, which can reduce taxable income significantly. However, you can only take these deductions if you switch from the standard deduction, which all taxpayers are entitled to, to itemized deductions. If your itemized deductions, including mortgage interest and property taxes, do not exceed the standard deduction amount, you are better off taking the standard deduction. Not all owners get a tax break from owning their homes.

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