It's almost April 15th, and seems to be a good time to tax deductions. Home ownership helps you with your tax deductions .... and your bottom line!
Real Estate Tax Definition
This IRS defines "Real Estate Tax" as the annual tax on the value of real property by most state and local governments.
Most state and local governments charge an annual tax on the value of real property. This is called a real estate tax. You may deduct the tax if it is based on the assessed value of the real property and the taxing authority charges a uniform rate on all property in its jurisdiction.
The tax must be for the welfare of the general public and not be a payment for a special privilege granted or services rendered to you.
Deductible Real Estate Taxes
As a homeowner, you are entitled to deduct payments of real estate tax on your property if you claimed itemized deductions on your tax return (you are not allowed to deduct real estate taxes if you claim the standard deduction on your tax return). The IRS allows you to deduct real estate taxes on your main home and any other home you own. There are no limits on the dollar amount of real estate taxes you can deduct. There are also no limits on the number of houses for which you can claim the deduction.
Your payments of state, local, or foreign real estate taxes on your non-business property are deductible. You must have paid them at settlement or closing, or to a tax authority during the
year.
Real Estate Tax Definition
This IRS defines "Real Estate Tax" as the annual tax on the value of real property by most state and local governments.
Most state and local governments charge an annual tax on the value of real property. This is called a real estate tax. You may deduct the tax if it is based on the assessed value of the real property and the taxing authority charges a uniform rate on all property in its jurisdiction.
The tax must be for the welfare of the general public and not be a payment for a special privilege granted or services rendered to you.
Deductible Real Estate Taxes
As a homeowner, you are entitled to deduct payments of real estate tax on your property if you claimed itemized deductions on your tax return (you are not allowed to deduct real estate taxes if you claim the standard deduction on your tax return). The IRS allows you to deduct real estate taxes on your main home and any other home you own. There are no limits on the dollar amount of real estate taxes you can deduct. There are also no limits on the number of houses for which you can claim the deduction.
Your payments of state, local, or foreign real estate taxes on your non-business property are deductible. You must have paid them at settlement or closing, or to a tax authority during the
year.
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