However, if you own a home, you may have access to a host of deductions that collectively can save you thousands in taxes this year. So don’t let your fear of paperwork get the better of you.
When it comes to finding the most valuable tax breaks for Americans, “deductions related to your home will give you the biggest bang for your buck,” says Craig Richards, managing director and director of tax services at Fiduciary Trust Company International. Overlooking these breaks, he said, can cost you dearly.
Take the most common — a deduction for interest paid on your home mortgage. U.S. taxpayers collectively get a break to the tune of about $100 billion each year from this single item alone!