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by CareyBot

(This is Part 1 of an eight-part series. See Part 2: Personal-use time determines vacation-home tax break; Part 3: Moving costs beef up real estate tax deductions; Part 4: Homeowners take refuge in casualty loss assistance; Part 5: Real estate investing generates big tax benefits; Part 6: Tax savings abound with real estate exchanges; Part 7: Home-business expenses add up to tax savings and Part 8: 10 most often overlooked real estate tax deductions.) 2004 was a record year for home market value appreciation in most communities. The national average is reportedly around 10 percent, with the spectacular exception of 40 percent appreciation for Las Vegas homes, according to several reliable estimates. Final statistics aren't available yet, but the past 12 months have been extremely prof...