Learn About Homeowner Tax Breaks - as part of the expert series by GeoBeats. There are several tax breaks involved with home ownership that you should be aware of. One of them is that you get to write off your mortgage payment as a deduction on Schedule A, and you also get to write off your property tax as a deduction on Schedule A. This reduces your taxable income, saving you probably up to 25%, maybe up to 36%, in taxes. Another lesser-known tax break in buying a home is that when you sell your home, you do not have to pay tax on up to $250,000 worth of profit as an individual, and $500,000 worth of profit as a couple, if you lived in the home two out of the five last years, and it does not have to be consecutive. This is a wonderful tax break. You can do this every two years, basically, if you are moving that much. That will save you so much in tax, because the capital gains tax on $250,000 would be quite substantial.