What tax perks come with owning property?

Owning property comes with several tax advantages that can significantly reduce your taxable income. Mortgage interest is typically tax-deductible, especially on primary residences and up to a certain limit. Property taxes are also deductible in most cases, though there are caps. Depreciation allows real estate investors to deduct a portion of a property's value each year, reducing taxable rental income. Additionally, expenses related to property management, maintenance, and improvements can often be written off. For homeowners, the capital gains tax exclusion on the sale of a primary residence (up to $250,000 for individuals, $500,000 for couples) can be a major benefit. These perks make real estate attractive for both personal use and investment.