You could get an additional standard deductoin in 2008 if you don't itemize

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This bit of news hasn't been highly publicized but one I find more interesting than the $7,500 interest free loan that has gotten a lot of press.

The recently passed housing bill includes a provision to provide homeowners who in 2008 wouldn't benefit from itemizing but do have property tax expenses. These folks will be allowed an extra standard deduction. The maximum amount that may be claimed under this provision is $500 ($1000 for joint filers).

I read this in article published by Michelle Singletary of the Washington in my local paper this morning, but here's another article on the topic I found online. http://www.courier-journal.com/apps/pbcs.dll/article?AID=/20080728/NEWS02/807280446

I couldn't find the housing bill online, but some can direct me to it. I'd love to get a copy of it.



thanks,

Sunil

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