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The only guarantee in life is death and taxes. You know how the old saying goes. Today, I am answering the often asked question:
Are real estate taxes deductible?
Many homeowners are unsure about this tax break and whether or not they qualify for it. So in this blog post, I am going to explain everything you need to know about the real estate tax deduction.
Can You Deduct Real Estate Taxes?
The simple answer to the question is yes, you can deduct your real estate taxes, but only if you itemize your deductions on the Schedule A of your Form 1040. In order to claim the deduction, you will just need to know the amount of real estate taxes you paid during the tax year. To find this information, you can simply look at your property tax bill.
How to Claim the Deduction
If you are still not sure, you can also contact your local tax assessor's office to get a copy of your property tax assessment. And, once you know the amount of the real estate taxes you paid, you can deduct it from your taxable income.
Benefits of the Real Estate Tax Deduction
This deduction can significantly reduce your overall tax liability and save you money. It is a valuable tax break for homeowners, especially those who pay substantial real estate taxes each year.
Final Thoughts
So, there you have it, friends. If you own real estate, do not miss out on the potential tax savings from the real estate tax deduction. Make sure to consult with a tax professional or use tax software to ensure you are claiming the deduction correctly.
Also, don't forget follow my blog to receive more valuable insights like this. If you have any thoughts or questions, please feel free to share them in the comments.
If you are thinking about buying, selling, investing, or you just have a question about real estate, don't be shy. Reach out to me today. I always have time to help you with your real estate needs.
I'm Dawn D'Amico, your trusted realtor in Pennsylvania and in New Jersey. If you're in another state, I can still refer you to a great agent no matter where you are. Stay tuned for more informative content, and I'll talk to you soon.
📞 Dawn's Mobile: 215-962-9307, eXp Realty: 888-397-7352
📧 Email: dawn.damico@exprealty.com
🔗 More Info: https://bit.ly/3X9Ju4x
