1. A deduction of up to $750,000 worth of mortgage interest.
2. A SALT (state and local real estate taxes) deduction up to $10,000.00.
3. Tax-free rental income of 2 weeks if you rent your home out for 2 weeks per year.
4. A $250,000 tax-free capital gain deduction for singles and $500,000 for couples upon selling.
5. If you buy your home for $500,000, and it is worth $1 million when you die, your heirs' cost basis re-sets at $1 million, and you bypass the capital gains on the initial value gain.
6. The current tax law allows you to take a tax deduction of $5 per square foot, for up to 300 square feet of office space. You can get a maximum deduction of $1,500.
