the amount of money you save by purchasing a house on your taxes is more than offset by the amount of property taxes you will pay, not to mention the amount of money you will spend to maintain a house.
Any good financial advisor will tell you there is only one reason to buy a house.
To live in it.
If you live in it long enough (and this usually is 10+ years) it will appreciate enough that you will have equity built in during a sale.
However, the housing market throughout the UNited States is seriously posed for a fairly large bursting of the bubble.
California and Florida are already seeing this and it is slowly making it's way to the midwest.
With the increase in gas prices. many people are having to sell off houses at bargain prices so that they can move "back into" the city and this is causing a major depreciation of the middle class and upper middle class housing market.
personally, if you need to really find tax deductions, then you need to sit down with a good financial advisor as well as with your accountant.
there are many things that can be done to lower tax liaqbility, however they are not necessarily good things to do for your long run.
People always jones about putting money away pre-tax, yet they dont realize that come the time they start removing that money, they are going to be taxed then, not only on the money they put into it, but all the money they made from interest.
A better idea is to put after tax money into a Roth IRA nad then all the money you earn in interest is complketely tax free when you remove it....
so many people worry about getting the most money now, when in fact they should be more concerned about how to have the most money later.....