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How much do you save on taxes when you buy a home? Bankrate.com clears up the confusion.

5 Homeownership Tax Myths

There's nothing quite as confusing as taxes and homeownership. To help, Bankrate.com has a four-page article debunking five myths of homeownership. They are:

1. Mortgage interest will reduce my tax bill.
2. All costs related to my home are deductible.
3. I must use home profits to buy a new home.
4. Putting my children on the deed is tax-smart.
5. If I take a loss on a sale, I can write it off.

These are ideas even financially savvy investors have a hard time grasping. This article will give you some counterpoints the next time someone starts telling you how much you will save in taxes when you buy a house.

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