If you have decided that 2009 will be the year you become a homeowner, then consider doing it as early in the year as possible, because delay has one certain cost.  For every day that passes after January 1, you will find it more difficult to take full advantage of the tax benefits during your first year of ownership.  This results from the way the federal income tax system (and most state income tax systems) works for those who itemize deductions.  Buying a home is typically what turns short-form 1040A and 1040EZ filers (who take the standard deduction) into long-form 1040 itemizers.  To get the benefit of deductions for home mortgage interest and property taxes, two of the largest deductible items for most tax filers, you must first exceed the standard deduction.  For 2009, the standard deduction will be $11,400 for married persons, $5,700 for singles and $8,350 for single heads of household.

Deductible items that are typical and common to both homeowners and renters include state and local income taxes, personal property taxes and charitable contributions.  Together, these items are rarely enough for taxpayers to itemize.  However, adding mortgage interest and real estate taxes usually lifts the total itemized deductions above the standard deduction, making it advantageous to itemize.