No, there is no tax break or credit for selling your home. If you buy a house as an investment and sell it at a profit, you are taxed on the profit. But if it is your primary residence and (among other things) you live in it at lease 2 of the last 5 years, you can take the exclusion and not be taxed on the profit. Buying a house in itself is not a deduction,although you are able to deduct some closing costs, points, and interest. BUT those deductions will only benefit you if you itemize (use schedule A).
