There are some significant tax advantages for investing in real estate both for single family homes and rental properties, although the tax reform act passed in December of 2017 has some limitations. What effect does does the 2017 act have on families owning single family homes who itemize deductions (the reform act is not in the text, so you may have to use Google or other sources). What are the two major tax deductible items still available for investors in residential (apartments) real estate. Using these two deductions (one of which is not a cash outflow) often results in tax savings.