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  With what typically feels like a sieve, draining directly to the government, this guide on tax deductions for home buyers should help consumers plan for and perhaps net a future tax refund instead of filling Uncle Sam’s pockets. Each January we get the subtle reminders that our annual tax filings will be due soon which means employers will start sending W2’s, clients will send 1099’s, and banks will send dividend statements (hopefully) and interest and mortgage statements. Since consumers do not have to file their annual taxes until April 15, the earlier you gain a better understanding of the tax deductions for home buyers, as well as how to calculate your homeowner tax benefits, the easier you will be able to understand both your costs and the tax implications. Regardless of the type of home you purchase, in most instances you will need to be able to itemize your taxes in order to qualify for the below home buyer tax deductions and credits. Breakdown of Home Ownership Costs