I don't know much about taxes. Does it depend on what state you live in?
2007-12-28 09:17:44 · 6 answers · asked by D 3 in Business & Finance ➔ Taxes ➔ United States
Put taxes paid on your federal return, they will be calutaled in figuring your refund if you have one coming.
2007-12-28 09:22:23 · answer #1 · answered by dnjo303 5 · 0⤊ 0⤋
Maybe - there are a couple ways where you might.
On your federal tax return, you can deduct property taxes if you itemize, which will probably save you some money in income tax. This is no matter what state you live in.
Many states have some form of property tax rebate. These usually have income and/or age limits to qualify.
2007-12-28 19:16:52 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Not in any direct fashion. However, depending upon the circumstances of your tax position, you may derive some benefit on your federal return from taxes paid--if you itemize. Generally, property taxes are not federal levies but, rather, are state and local taxes known as ad valorem, or in proportion to the value (of the property).
2007-12-29 20:14:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, property taxes do not ever get refunded unless you sale your house in the middle of the year and then it will usually show up as a credit on the settlement statement.
2007-12-28 17:22:59 · answer #4 · answered by mcandrea2001 2 · 0⤊ 0⤋
For Federal taxes, property tax is an itemized deduction that get recorded on Schedule A.
States may allow a deduction or a credit of your property taxes.
2007-12-28 17:45:17 · answer #5 · answered by Steve 6 · 0⤊ 0⤋
You can deduct them on your 1040 if you itemize deductions. A few states like Missouri will refund some of it to low income senior citizens. That is it.
2007-12-28 17:29:51 · answer #6 · answered by spicertax 5 · 0⤊ 0⤋