The IRS Deductions Blog

Posts Tagged ‘return’

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Question: Can I itemize state taxes for the whole 2009 if I bought a house in November 2009?

My question is: If I itemize on my 2009 tax return for a house that I bought in November 2009, can I deduct the entire amount of state taxes (and donations) I paid in 2009 or only the fraction for the two months I owned the house in 2009? If the full amount cannot be deducted, the standard deduction of $5700 will be higher than my itemized items and I would not itemize.

More Details:
Closed on the house November 19th, 2009.
Total prepaid interest and property taxes: $4505
State Taxes paid in 2009: $6000
Donations made: $720

Thank you!

Answer: if what you can itemize is greater than the standard deduction, by all means itemize

Items on Amazon Right Now for Tax Deductions For Donations 2009:

ItsDeductible Workbook for Tax Year 2005: The Blue Book for Donated Items $4.00 Every year, millions of Americans forfeit hundreds of dollars in legal tax savings simply because they underestimate the value of their charitable item donations. ItsDeductible, from the makers of TurboTax®, provides a simple solution to determining fair-market values. Updated annually, with assessments for over 1,000 categories, including jewelry, clothing, baby supplies, small appliances, exerc…

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