For many, nothing is as nerve-racking as buying your first home—that is, until it is to time prepare your taxes for the first time after the purchase. Mortgage interest deductions, property tax deductions, closing costs, depreciation, itemizations and Schedule A are all terms that the new owner may be completely unfamiliar with. The First Time Homeowner's Tax Guide can help.This tax guide explains all the rules associated with home ownership when preparing your tax return, with instructions for completing the necessary forms. It focuses on the changes most new homeowners will face when having the ability to now deduct home mortgage interest and property taxes from their individual tax return, and takes the new homeowner through the process step-by-step. Plus, in addition to helping the first-time buyer, it helps the first-time seller with the special capital gains rules of selling a home, as well as giving crucial tax advice to the first-time real estate investor.