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."

Follow us on Facebook, Twitter, and Instagram for more news from UPI.com
Related UPI Stories
Topics: David Hall
Trending Stories