Interest

• Homeowners can deduct the interest they pay on the mortgage on their personal taxes. Those who took out a home equity loan against the value of their house can deduct the interest paid on the home equity loan up to a certain percent as well. Bankrate reports that as of 2009, homeowners could deduct the interest on equity loans up to $100,000. Landlords can also deduct interest paid on mortgages for rental properties and home equity loans taken out to repair rentals.
  
  

Taxes

• The cost of property taxes is another deduction for homeowners, who can continue to claim this deduction as long as they own the home. However, during the first year of home ownership, the deduction amount may be less since the property taxes were divided between the original homeowner and the buyer. In these cases, the original homeowner can claim a deduction for the amount of property taxes he paid towards the home, and the new owner can claim a deduction for the property taxes paid for the remainder of the year.
  
  

Insurance

• Landlords maintain homeowner's insurance and landlord liability insurance on their rental properties. A landlord can deduct the cost of the premium for this insurance. Landlords who carry additional policies, such as a flood policy, can also deduct the cost of the premiums. Homeowners cannot claim insurance as a deduction on their personal insurance. Although some homeowners who purchased or refinanced a home between Jan. 1, 2007, and Dec. 31, 2010 may claim personal mortgage insurance on their taxes, according to Bankrate.
  
  

Repairs

• The cost of repairing and maintaining their rental homes amounts to another deduction for landlords. These business tax deductions include hiring full time staff, contracting third party laborers, such as plumbers or electricians, and the interest paid on credit cards used to purchase supplies. Homeowners cannot claim the cost of repairs or maintenance to their personal homes.