What house-related expenses are tax deductible?
1. Mortgage interest paid - not the principal. With principal + interest mortgages, in initial years, when interest component of mortgage payment is higher, your tax break is higher as well. For Interest Only mortgages, all that is paid towards interest in deductible.
2. Property taxes paid to county - generally paid by you per month to lender as escrow money and the lender pays to county.
3. Points paid to purchase the house - even when they are paid by the seller for you.
4. interest on up to $100,000 in home-equity debt - No matter what you use the money for -- which can give you a low-interest alternative to a car loan or student loan.
5. Private Mortgage Insurance - Commonly called in abbreviation as PMI
If you have an investment property, you do these things differently.
Disclaimer - This is not tax advice, but general guidelines and you should consult IRS laws or your tax advisor for accurate deductions.