Home owners who do not have enough deductions to itemize may take up to $500 if single, $1000 if married filing joint, as a deduction on their taxes for the 2008 return. Not a huge break, but the couple in the 25% bracket who can’t itemize will see a $250 larger tax refund (or smaller amount due. One of the recent bits of legislation that impacts the 2008 return.
Joe