There are many advantages of owning a home that go beyond potential tax savings on this year's tax return. Historically for many families their home has been their single biggest asset. The current low home prices make it very likely these properties will appreciate over the long term. The equity established in a home can be an important source of capital at retirement time. Currently up to $500,000 of capital gain on the sale of a home for married couples and up to $250,000 for individuals can be excluded from capital gains taxes. To qualify for this exclusion the home must have been the primary residence of the person(s) for two of the past five-years. Consult with your tax professional for more detail and restrictions.

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