Congratulations! You’ve just taken another step up the American dream ladder and are a homeowner. Along with the joy of painting, plumbing and yard work, you’ll now have an added dimension to your taxes.
The good news is that you can deduct many home-related expenses. These advantages apply to any type of residence–mobile home, single-family, townhouse, condominium or cooperative apartment.
The bad news is that to take full tax advantage of your home, you need to itemize your deductions on Schedule A. You’re not living on “EZ” Street anymore; you’ve moved to the 1040 long form.