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The Internal Revenue Code (IRC) allows taxpayers who pay state or local real estate taxes and do not itemize their tax deductions, to deduct additional deduction equals to the amount of real estate taxes paid, but no more than $500 for single filers or $1,000 for joint filers
, to use it in your tax return, please click here.
There
are several requirements that must be met: 1) The taxes must be imposed
on you by the state or local government, 2) The tax was paid during your
tax year, 3) The taxes must be levied for general public welfare on the
assessed value of the real property and charged uniformly on all
property under the jurisdiction of the taxing authority. Foreign real
estate tax is not allowed. Where do I report Additional Standard Deduction Amount for Real Estate Taxes? The deduction is claimed on IRS form 1040,
Schedule A, line 6. |
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