Tax Deduction Real Estate Taxes
December 20th, 2008
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Question: Those using IRS standard deductions, do you add state or local real estate taxes?
Should you use Schedule L and add those taxes? How about non-vehicle state taxes?
Thank you.
Answer: There is only *two* deals for 2009.
The schedule L lets you add the sales tax on any NEW car purchased after February.
Real estate taxes can be added, but only the first $500 will add to the standard deduction.
Non-vehicle state taxes won’t add to the total, neither with state income tax, local income tax or other sales tax items.
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