This is the season when renters tend to be envious of homeowners for all the extra tax deductions that go with buying a home. Indeed, most homeowners will find their residence is the largest source of itemized deductions on their 2000 income tax returns.
Most homeowners are eligible to write off all their mortgage interest and property taxes.
Some extra deductions may be in store for homeowners who refinanced last year. And homeowners with home-based businesses may be able to claim thousands of dollars in extra deductions. But homeowners should be sure to check through their records to make sure they're taking all the real estate deductions they're eligible to claim. A few expenses are often overlooked. To help figure your mortgage deduction, check the year-end tax statement you should have received from your lender earlier this year.