One great advantage to owning a home is the potential tax benefits. To learn more about home mortgage interest deduction please visit: http://www.irs.gov/pub/irs-pdf/p936.pdf. For complete details on how deductibility of home loan interest and other expenses will affect your specific tax situation, ask your tax advisor.
A potential benefit to selling a home can be done through a 1031 exchange.Section 1031 of the Internal Revenue Code provides that no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business, or for investment. A tax-deferred exchange is a method by which a property owner trades one or more relinquished properties for one or more replacement properties of "like-kind", while deferring the payment of federal income taxes and some state taxes on the transaction. For more information please click on any of these links:
For complete details on how a 1031 exchange will affect your specific tax situation, ask your tax advisor.