2007-04-30 15:13:02 · 6 answers · asked by Jeffery C 1 in Business & Finance ➔ Taxes ➔ United States
Any property tax you pay anywhere is deductible if you itemize on your 1040.......Nuf Said
2007-04-30 15:17:57 · answer #1 · answered by Elo Fudpucker 5 · 0⤊ 0⤋
Yes, but it may not be helpful. You have to itemize on your 1040/1040A form using a Schedule A and you need to be able to add up more deductions than the standard deduction (things like mortgage interest, income or sales taxes, charitable donations, etc.) If you are single, the standard deduction was $5150 and if married it was $10300. These are going up a little bit each year.
One major caveot...if you have a high income and a lot of exemptions/deductions, you may be subject to the AMT (Alternative Miminum Tax). While Congress is battling over how and when to fix this problem, many more people are going to be paying it over the next few years. Property, Income, and Sales Taxes are official not deductable under the AMT. Check with a tax preparer, Enrolled Agent, or CPA who speciallizes in tax prep if youthink you may be in this category, cause if you forget to calculate it, the IRS will!
2007-04-30 17:29:27 · answer #2 · answered by Patrick S 3 · 0⤊ 0⤋
Yes it is, and how lucky you are.
Um, but you have to itemize to get it.
See schedual A for federal taxes. You have to have deductions in excess of your standard deduction for this to work for you.
(If you end up itemizing for federal taxes, be sure to itemize for your NJ taxes, as well. Your property taxes should be deductible for both.)
2007-04-30 23:44:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Why not? New Jersey is still a state in the USA; or so I've heard.
2007-05-01 03:39:28 · answer #4 · answered by acmeraven 7 · 0⤊ 0⤋
Yes,Tony Saprano said so.
2007-04-30 15:20:18 · answer #5 · answered by SMEAC 4 · 0⤊ 0⤋
For federal, yes, if you itemize.
2007-04-30 17:54:25 · answer #6 · answered by Judy 7 · 0⤊ 0⤋