Talking to Buyers About Property Tax Deductions
How has the increased standard deduction affected the deductibility of property taxes?
The standard deduction allows every taxpayer a certain assumed amount of deductions that are available to reduce their taxable income, regardless if the taxpayer did not incur the deduction. The impact of the standard deduction is that only if a tax filer’s actual amount of deductions is higher than the standard deduction is it able to be itemized. If the actual deductions are lower than the standard amount, taxpayers are better off claiming the higher standard amount.
How do you claim a property tax deduction?
1. Determine if you can itemize your deductions
2. Use Schedule A to itemize deductions
3. Calculate your tax bill based on your deductions
4. File your tax return
https://www.nar.realtor/property-taxes/talking-to-buyers-about-property-tax-deductions
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