1. A tax-free gain of up to $250,000 (single) or $500,000 (married filing jointly) can be made on the sale of a primary residence.

2. To qualify for the tax-free gain the owner of the property must live in the property for two out of the last five years.

3. Where the "two out of five" criteria has not been met, a modified exclusion may still be taken under certain circumstances.

4. The number of times a taxpayer can take advantage of this tax break is unlimited.

5. A first-time homebuyer can use up to $10,000 from a Roth or regular IRA without paying the early withdrawal penalty.

6. Interest on a home mortgage loan of up to $1,000,000 and interest on a home equity loan of up to $100,000 is tax deductible.

7. Interest expense on a loan taken out for the construction of a new home can be deducted for the first 24 months of construction.

8. Mortgage interest can be deducted on a second residence in addition to the taxpayer's primary residence.

9. Recreational vehicles and boats can be considered a residence (or second residence) as long as they have cooking, toilet, and sleeping facilities.

10. Property tax is a deductible expense for any real estate.