$945 Million "Overpaid" in Taxes!

If you own your own home, you may have contributed to this over-payment!

It appears that about 2.2 million homeowners who took the standard deduction on their tax returns, instead of itemizing on their returns, paid $945 million more in taxes than necessary, according to the Government Accountability Office, a research arm of Congress, reported.

On average, the overpayment was $438 apiece, according to the study of 1998 returns.

If you own your residence, and particularly if your home is new or recently purchased, you may be short-changing yourself to the benefit of Uncle Sam! If in doubt, it would behoove you to talk with a certified public accountant, or CPA.

Other often overlooked deductions include points paid when originating a mortgage! If you are not familiar with the financial benefits in home ownership, be sure to talk with a knowledgable real estate broker or CPA!