Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-10-2009, 12:51 PM
Samatg's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 291
Post Additional Standard Deduction for Real Estate Taxes

There is an additional standard deduction for those who don’t qualify to itemize their tax deductions, but who do pay state or local real estate taxes. This deduction is available for the 2008 and 2009 tax years.

Here are six things you need to know about the additional standard deduction for real estate taxes:
  1. The additional deduction amount is equal to the amount of real estate taxes paid. The amount can be up to $500 for single filers or up to $1,000 for joint filers.
  2. The taxes must be imposed on you.
  3. You must have paid the taxes during your tax year.
  4. The taxes must be charged uniformly against all property in the jurisdiction and must be based on the assessed value. Many states and counties also impose local benefit taxes for improvements to property, such as assessments for streets, sidewalks and sewer lines. These taxes usually cannot be deducted.
  5. Real estate taxes paid on foreign or business property do not qualify for the increased standard deduction.
  6. You must file a Form 1040 or 1040A to claim the additional deduction. When claiming the additional standard deduction for real estate taxes, be sure to check the box on line 39c of Form 1040 or line 23c of Form 1040A.
For more information, see Form 1040 or 1040A Instructions. The instructions can be downloaded at IRS.gov or ordered by calling 800-TAX-FORM (800-829-3676).

Links:Source: irs.gov



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-16-2015, 01:33 AM
Junior Member
 
Join Date: Jan 2015
Location: USA
Posts: 16
Real estate taxes paid on foreign or business property do not qualify for the increased standard deduction.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Real estate professional offsetting Real Este losses against spouse's W-2 income MRAMANNA Rental Real-Estate 2 03-08-2009 01:49 PM
Real Estate Investors kgiebel Rental Real-Estate 0 03-03-2009 07:59 PM
IRS announces Additional Standard Deduction Amounts for Eligible Taxpayers in 2008! TaxGuru For 2008 0 09-11-2008 11:50 AM
What are the Standard Deduction Amounts Available for Tax Year 2008? TaxGuru For 2008 0 09-11-2008 11:37 AM
Real Estate Commissions InTheWindyCity Miscellaneous 1 01-18-2007 12:29 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.