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I live in PA, I am single with no children. I make about $80,000 a year. I have been filing 1040ez's forever. In 8 days I move into a 6 year old townhome which I purchased. I am sorta clueless on the tax savings I will realize at the end of 2002. Here's what I know:

I know that the point I put down (about 1,500) can be deducted from my taxable income.
I know I can claim my interest on the loan as well as my $3,100 in property taxes each year.
That's about all I know.

Can anyone please explain the pros/cons tax-wize in home ownership? Am I missing anything here?

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