One of the great benefits of home ownership is the tax-shielding aspect of having a mortgage. Essentially, the government allows you to deduct, or not count, the amount of mortgage interest against your income that you pay in one year. Another sizable advantage—and one of the principal benefits of home ownership—is that up to a certain capital gain ($500,000 for a married couple), you do not have to pay taxes on the gain in the value of your house. If you itemize deductions, you may also deduct your property taxes when you file your income tax returns.