Real estate tax breaks uncovered

Realty Tax Tips-Part 8: Don't cheat yourself out of homeowner benefits

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If you own a house, condo or cooperative apartment, you might be among the millions of homeowners who unintentionally forget to claim all the tax deductions to which you are entitled. Just in case you haven't figured it out, Uncle Sam encourages home ownership by awarding special tax breaks not available to non-owners. That's why 68 percent of U.S. households involve homeowners. This result isn't an accident. It's carefully planned government tax policy. Purchase Bob Bruss reports online. But it's up to each homeowner to use these tax breaks to maximum advantage. Not every deduction applies to each homeowner. However, it's important to know about them and claim the appropriate deductions that apply. Using just one or two forgotten tax breaks can save hundreds, sometimes thousands, of tax dollars. 1–IF YOU BOUGHT A HOME, DEDUCT YOUR PRINCIPAL RESIDENCE MORTGAGE ACQUISITION LOAN FEE. If you purchased your principal residence in 2003, and if you paid a loan fee (usually called ...