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If you own a home, you will almost certainly be able to book a substantial tax cut by itemizing home-related personal tax deductions over opting to claim the standard federal tax deduction regardless of your filing status. Two of the primary tax advantages of home ownership are the mortgage interest deduction and the property tax deduction. You may also be able to claim additional federal tax deductions if you use part of your home for a business home office or to operate a home-based business. For more on business use of your home and related deductions, read IRS Publication 587, Business Use of Your Home.