There are several tax advantages for being a home owner. The most common deductions from the Federal Income Tax includes: Mortgage Interest Deduction and paid Property Tax Deductions. However, points to secure the mortgage may be deductable. If you have recently refinanced your mortgage, you will want to speak with your tax preparer regarding proper points deductions.
Below is an excellent article that highlights the advantages and calculation mistakes of filing for the home tax deductions. Tax laws change peroidically and any questions regarding filing should be directed to a professional tax preparer.