i didnt want to buy a house because of the taxes are so high. but my boss said you get all that money back is this true
2007-05-02 12:58:55 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
no, you get no tax back. If you itemize on your taxes you can use the property tax as a deduction, but that by no means is getting the tax back.
2007-05-02 14:44:45 · answer #1 · answered by Jo Blo 6 · 0⤊ 0⤋
No - why would you get money back after you paid?
However, if you file the long form 1040 and qualify for itemized deductions, than you can take the cost of the property taxes off of your income tax.
If you are in the 25% tax bracket and pay $1,000 in property tax, you will get "approximately" $250 of it back - mind you, you have still paid $750 into the bucket that you will not see back.
2007-05-02 20:03:42 · answer #2 · answered by Anonymous · 1⤊ 0⤋
No, of course not! You may get a deduction on your taxes for the property taxes paid if your total itemized deductions exceed the standard deduction for your filing status. That will reduce your taxable income and therefore your tax, but you don't "get it all back."
The value of the deduction on your tax return depends upon your tax bracket. The highest bracket is 35% though most folks are in the 15% or 25% brackets.
2007-05-03 00:08:37 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 1⤋
No it's not. You might get some of it back because it might be deductible from your taxes, but will NOT get all of it back.
2007-05-02 20:12:46 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
No, you do not get that money back. Those funds are collected to pay for services such as fire and police protection.
2007-05-02 22:52:49 · answer #5 · answered by stilhdr1963 3 · 0⤊ 1⤋