<prompt> Human: When can I start getting tax benefits for real estate?Do I have to... own a property1 before the end of the year2 and have a mortgage loanOR have a mortgage loan before the end of the year2, but the property has not closed PS has been signedI am not familiar with the tax laws regarding real estate and not sure if they are based on actually owning a property or the mortgage loan for a property. Please correct me on any of my misunderstandings.1 own a property - closing has occurred2 end of the year - a second before January 1, 2019 12:00 AM same timezone where real estate transaction is happening  <response>: When you have out of pocket expenses interest, property taxes, points in a year that combined with your other itemized deduction is excess 12k of single, or 24k if standard.So for many people they see zero tax savings from owning. Ever.Lets say you donate 5k, have 4k in state taxes, and 5k in mortage interest and property taxes. You are single in the 12 tax bracket. You would save 240.00 the first year because you own real estate.Its less likely to get over the standard deduction if you buy a home near the end of the year. The next year is when you would see the savings if you meet the other qualifications. 