how can i receive tax benifit from buying a house?

Answer 1

If you itemize your deductions instead of using the standard deduction you can recieve a tax benefit from buying a home. Even if you don't currently itemize your deductions after you purchase a home you will most likely begin itemizing your deductions and this will allow you to write off the interest on your mortgage(s). Also, if you have to pay PMI, which many homeowner's do, the PMI is also tax deductible as well. You can also write off your property taxes paid for the year. This can all add up to a nice additional benefit when doing your taxes. Check out the link below for more information.

Answer 2

If you are buying a personal residence and you can itemize on your income tax return the real estate taxes and mortgage interest are deductible (the mortgage interest deduction is limited to loans of $1 mill and under and home equity loans are limited to $100000 and under.
If you are buying a rental home the interest and real estate taxes are deductible plus all other expenses of maintaining the home. Additionally, you can depreciate the structure (depreciation=deduct a portion of the value of the house each year).

Answer 3

You itemize your deductions if you pay more than the standard deduction in interest and taxes with any other deductions you might have for things like charity or state taxes.
So if you pay 20,000 in itemized deductions and you are married so you have a standard deduction you would save the tax on about 10,000 if you are in a 15% bracket you would save 1,500 so then you raise the exemptions on your W-4 until you take home pay goes up about 100 a month.