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If you own a home, these are three of the most important homeowner tax deductions to understand: the mortgage interest deduction, the property tax deduction, and the home sale capital gains exclusion. Mortgage interest may be deductible if you itemize, but limits apply. Property taxes can also be deductible when you itemize, and the rules can cap how much you can claim. Finally, if you sell your primary residence, you may qualify for a capital gains exclusion if you meet the 2-out-of-5-year use

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Documentation Needed to Claim Mortgage Interest as a Tax Deduction for an Owner-Financed Home