Owning a home invokes more than a sense of pride and freedom.

It is also a long-term investment opportunity. Speak to your tax advisor about the tax advantages associated with homeownership.

Some of these benefits include:

? Reduce your taxable income:

On your itemized income tax return, you may be able to deduct mortgage interest payments, property taxes and points paid to lower your loan’s interest rate.

? Take advantage of special tax breaks:

You might receive a tax credit or be able to take a tax deduction for certain home improvement projects if they are for medical reasons or if they fall into one of the many energy-savings home improvement categories.

? Lower tax on capital gains when you sell:

When you sell your home, you will not have to pay federal income tax on capital gains of up to $500,000 for a married couple and$250,000 if you are single. This applies to the sale of a principal residence owned and occupied for at least two of the last five years.