Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 08-17-2010, 09:49 PM
 
Posts: n/a
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.



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 10-30-2010, 07:25 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
" 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).



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
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
Deduction of property used in rental property mhrobinson3 Rental Real-Estate 4 01-20-2009 11:57 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.