IRS proposes Non-itemizers can deduct property taxes for 2008!

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08-08-2008, 11:41 AM

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IRS proposes Non-itemizers can deduct property taxes for 2008!

IRS has proposed that for taxpayers that do not itemize on their 2008 Tax return will be able to deduct their Property taxes in addition their standard deduction. However, this additional deduction is limited to $1,000 for married couples and $500 for singles.

Unfortunately, this additional deduction is for a limited time only and will end after tax year 2008.

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