There are benefits to being a home buyer although these may be negligible in the beginning. You may be able to claim mortgage interest, points, and property taxes paid during the year you bought your home. If you bought your home late in the year, these itemized deductions might not exceed the standard deduction threshold amount unless you have other deductions to itemize such as medical expenses, charitable contributions and other itemized deductions. In future tax years though, these may be significant.
Be sure to keep your closing statement handy though in the event you should sell your house in the future. Also keep a record of all improvements you make to the house. This will come in handy because when you sell your house, you will need to know the basis (original selling price) + closing costs (minus mortgage and property taxes paid in the closing statement) and all improvements made. Having all of this information handy and documented will reduce the capital gain you may need to pay on the sale of your home if you should sell your home for a profit in a later year.
Owning your first home is an exciting adventure and congratulations for taking this important first step in your life.
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