Did you take the property tax deduction that was allowed in 2009? The deduction is carried over in 2010. Don’t itemize your deductions, don’t worry you may still be eligible for the property tax deduction. Many homeowners have taken advantage of this additional deduction.
Property Tax Deductions
Owning your own home has alot of tax benefits, itemizing expenses like interest you paid on your mortgage. Since the Housing Assistance Tax Act in 2008 you can take a tax deduction for a portion of the property tax that was paid, even if you just take a standard deduction. The additional deduction you can claim is the lower of these options: real estate property taxes paid within the year to your state and local governments or filing single, $500, filing jointly, $1,000.
Real Estate Tax Deduction
Can all homeowners take the property tax deduction? Most of the people who have paid off their mortgage or close to paying off their mortgage and homeowners that did not have enough mortgage interest to deduct in 2009. You may still qualify for the property tax deduction if you purchased your home in 2009 and qualified for the home buyer tax credit.
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