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Do you pay property taxes?

Just wanted to make sure everyone was aware that if you pay property taxes but are unable to itemize your deductions, you have the opportunity to increase your standard deduction by the lower of $500 (if single and $1,000 if married) or actual taxes paid.

Answer Question
 
Anonymous

Asked by Anonymous at 8:41 AM on Jan. 17, 2009 in Money & Work

Answers (6)
  • Thanks for the info! How do I go about doing that? We pay about $800 in property tax and we are married.
    JeremysMom

    Answer by JeremysMom at 8:51 AM on Jan. 17, 2009

  • Check the box on line 39c then add it to the standard deduciton amount (married filing joint is 10,900) so the amount you would put on line 40 would be 11,700.
    Anonymous

    Answer by Anonymous at 9:06 AM on Jan. 17, 2009

  • Thank you so much! I am doing my taxes right now and you were a tremendous help.

    JeremysMom

    Answer by JeremysMom at 9:15 AM on Jan. 17, 2009

  • Cool thanks.
    gemgem

    Answer by gemgem at 9:34 AM on Jan. 17, 2009

  • You should be getting something from your mortgage company if your taxes are included with your payment or however else you pay it so you can file them.

    Anonymous

    Answer by Anonymous at 10:17 AM on Jan. 17, 2009

  • GREAT ! THANK YOU
    shayjmom

    Answer by shayjmom at 2:51 PM on Jan. 17, 2009

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