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Itemized Deductions Schedule-A


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Old 08-17-2010, 09:49 PM
 
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Property Tax and Alzheimer's

Hello, my grandfather was just diagnosed with Alzheimer's and I am trying to get all of his finances in order. The man kept everything since he was 16 so it is a lot but easy to find and keep track of all the financials. I am trying to figure out if he is allowed to deduct his property tax off of his taxes or if he can have them waived from the state. The state is Arizona, the county is Maricopa, and the city is Phoenix. Also any other good advice about financials for his situation would be very appriciated. Thank you for your time and helping me in this matter.



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Old 10-30-2010, 07:25 AM
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" if he is allowed to deduct his property tax off of his taxes or if he can have them waived from the state. "--->Yes, he , as a home owner,can deduct his property tax expense on his Federal and State income tax(on line #35 ARIZONA FORM 140 for property tax deduction) returns if he can claim his itemized deduction(IF the amount of Sch A > his standard deduction, $5,700 if he is Single);When he completes Form 1040, Schedule A for the itemized deductions , he totals the tax deductible amount spent on itemized deductions and compares the total with his standard deduction, $5,700 for Single). The larger of the two tax deductions, standard deduction or itemized deduction, will be the tax deduction to choose on his tax return, since it will lower the amount of his federal income tax by lowering his TAXABLE INCOME.
However, he is still subject to his property tax deduction(credit) on his Arizona State tax return even though he doesn't( can't) claim his itemized deducitons( as his itemized deducitons< his standard deduction, $5,700 as Single).



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