I was wondering - I got not only my property tax bill, but also a supplemental one that's like $2000!!!

So now I'm wondering if I can have that deducted off my earnings (besides the interests I paid on the house) for this year's tax return (never too early to start - April 15 is only a few months away).

 

yes, you can deduct property taxes, if its YOUR property, and in your name

 

if you aren't going to tax acct...you're losing money.

 

property tax is the second largest deduction for most homeowners.

also, if you have kids, doing health savings accounts is a good idea. it effectively gives you a tax deduction for health expenses (through pre-tax contributions rather than a deduction on tax forms...result is the same).

i don't know if you can deduct property tax on your primary residence or all properties, though.

 

Only your own. Tax and interest.

Rentals, its a profit/loss system. If you are running a net loss, that loss is deductible. Most people show a loss on paper, once you factor in allthe expenses of owning/operating the rental.

 

Invest the $25 in TurboTax. Great inverview process to ensure you get all that you deserve. Also you can use it to e-file.

 

Depends on what you mean by "deductable". I am no tax expert, so take what I say with a grain of salt. But by IRS definition, rental property is classified as "passive activities" (yes, even if you actively manage the rental property yourself, and do all the maintenance yourself, and so on). So passive losses are not "deducted" directly from your yearly income tax. These passive losses (or gains, if you are so lucky) are kept on paper from year to year, until the rental property is disposed of. Then all the accumulated gain/loss is applied towards the change in value of the property and you pay tax on the result.

For Mingster's information, the following are deductable: Your home mortgage interest, your home property tax, your state income tax (only on your federal tax), some personal property taxes (such as CA auto registration fees).

 

Shoot, whites2k, forgot to mention Im self employed. That opens the field up some.