We had a quintessential jovial uncle in the family who said, “Fools build houses for wise men to live in”. He may have been partly right in his own case since he ended up moving every time he bought a home.

But for new home owners, things may not seem so foolish when they come to the realization that they may be able to itemize deductions they couldn’t before. The standard deduction is $6,100 for those filing single and $12,200 for those filing married joint. Having enough in itemized deductions to take you above the standard will help bring down your tax liability.

So what are these additional deductions that lower your taxes and increase your refunds? Read More