Hi,

I am currently residing in CA, planning buy a house in TX (my first house). Since I am planning to rent this house, can I get the tax benefit as if I live in the house or is there any difference.

I really appreciate your answer.

Thanks and Regards,

VB

There is a big difference, and it can get complicated.
You get the mortgage interest deduction if any.
You must depreciate the house (as an investment).
You must pay tax on the rental income.
You deduct expenses and certain advantages when not rented.
You pay capital gains when/if you sell - and that's the killer.
There are ways to avoid capital gains by moving in to the house for some number of years, but since laws change, you wait until then.

Or are you talking about first time home buyer programs? They apply to your primary residence only.
http://www.txhomeprograms.org/program/programdetail.php?id=164

Joypulv's answers covers the question well, but you should really meet face-to-face with a local tax professional to cover all facets of your decision to buy a house.