True Benefit of Depreciation and Mortgage Interest

[Nate Crump]

I'm not a home owner (31, have a couple good friends as roommates and pay $300 monthly, so it's hard to justify right now), but I've heard of both mortgage interest and depreciation being deductible.

I don't quite grasp the true benefit as far as what it does to your adjustable gross income, however, and was wondering if someone might share an example. Basically, I'm just trying to figure out if the benefit is miniscule, or hugely beneficial.

Also, I don't know if you receive both of those on personal residences and on rentals, or maybe only one of the two benefits on them.