I own a small townhouse in NYS and pay about $10,000 a year for Village Tax, Town Tax, and School Tax.
Can I claim this expense as an expense and deduct this amount from taxable income at the end of the year? So that I can get higher return?
2007-09-20 06:56:45 · 5 answers · asked by jc 1 in Business & Finance ➔ Taxes ➔ United States
If it's rental property you would deduct it on schedule E, if it's for a business, schedule C, if it's just a regular house or your personal residence then you would report it on Schedule A - Itemized Deductions. As long as you itemize you'll get the benefit of the deduction.
2007-09-20 07:38:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Real estate taxes on your personal property are an itemized deduction on Schedule A along with your state income taxes.
2007-09-20 14:02:24 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
This is an itemized deduction on Form 1040 Schedule A
2007-09-20 13:59:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
This tax can be put on schedule A, to reduce your Gross Income, along with mortgage interest, medical expenses, and a few other things.
2007-09-20 22:27:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If this is your main home or second home, you can take the property tax as an itemized deduction.
2007-09-20 14:22:34 · answer #5 · answered by Judy 7 · 0⤊ 0⤋