Comments on: How can taxes you pay on real estate benefit your income tax return? http://www.stpaulhouseforsale.com/blog/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/ Fri, 18 May 2012 11:44:39 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Frank M http://www.stpaulhouseforsale.com/blog/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/comment-page-1/#comment-1983 Frank M Fri, 07 May 2010 20:40:16 +0000 http://www.stpaulhouseforsale.com/blog/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/#comment-1983 The taxes you pay on real estate can benefit you on your income tax return if you itemize your deductions on Schedule A of Form 1040. You may claim the property taxes you pay and the mortgage interest.<a href="http://qualitybabystroller.com/"> Frank M</a> The taxes you pay on real estate can benefit you on your income tax return if you itemize your deductions on Schedule A of Form 1040. You may claim the property taxes you pay and the mortgage interest. Frank M

]]> By: Badger Boise http://www.stpaulhouseforsale.com/blog/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/comment-page-1/#comment-1982 Badger Boise Fri, 07 May 2010 04:47:45 +0000 http://www.stpaulhouseforsale.com/blog/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/#comment-1982 Real estate taxes can be included as a deduction. Permitted deductions in all categories must be greater than your permitted standard deduction before they reduce your tax liability. For example, a single person under age is allowed a standard deduction of $5450. If that person owns a home that is mortgaged and has medical expenses, interest, real estate taxes, state taxes etc, and his total deductions are $7500, that reduces his taxable income by $2050. Exception for people over 65 - seniors paying real estate taxes get a $500 addition to their standard deduction if they are unable to itemize deductions.<a href="http://www.greattoolsusa.com/gantry-4400"> Badger Boise</a> Real estate taxes can be included as a deduction. Permitted deductions in all categories must be greater than your permitted standard deduction before they reduce your tax liability. For example, a single person under age is allowed a standard deduction of $5450. If that person owns a home that is mortgaged and has medical expenses, interest, real estate taxes, state taxes etc, and his total deductions are $7500, that reduces his taxable income by $2050.

Exception for people over 65 - seniors paying real estate taxes get a $500 addition to their standard deduction if they are unable to itemize deductions. Badger Boise

]]> By: PooPooLaTrash http://www.stpaulhouseforsale.com/blog/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/comment-page-1/#comment-1981 PooPooLaTrash Wed, 05 May 2010 07:09:35 +0000 http://www.stpaulhouseforsale.com/blog/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/#comment-1981 The standard deduction is upped by $1000 for joint filers (500 for single) who paid up to $2500 in real estate or property taxes. If you paid over that amount, you can still claim it as a line item itemized deduction. Topic 503 - Deductible Taxes, IRS website and To answer your other question, many states collect property taxes based on the assessed value of real estate.<a href="http://www.resumeminers.com/Resume/Resume-Posting.htm"> PooPooLaTrash</a> The standard deduction is upped by $1000 for joint filers (500 for single) who paid up to $2500 in real estate or property taxes. If you paid over that amount, you can still claim it as a line item itemized deduction. Topic 503 - Deductible Taxes, IRS website and

To answer your other question, many states collect property taxes based on the assessed value of real estate. PooPooLaTrash

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