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Taxpayers overlook almost $1 billion

March 19, 2005 at 3:35 PM

WASHINGTON, March 19 (UPI) -- As U.S. taxpayers prepare to file 2004 returns, financial professionals have said they many overlook many tax deductions.

The General Accounting Office -- the investigative arm of Congress -- recently found that more than 2 million people failed to take common deductions such as mortgage interest and real estate taxes, overpaying the government an estimated $945 million dollars a year. Just a few forgotten tax breaks can mean hundreds, or even thousands, of dollars, for a forgetful taxpayer.

"Uncle Sam actually gives homeowners quite a few deductions, and we see that some homeowners don't take full advantage," said David Hall of Quicken Loans. "For example, the interest on mortgage, points when getting a mortgage and property taxes -- all three of these are tax deductible, yet homeowners tend to overlook them when they're filing their returns."

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