Property Taxes
The most frequently asked tax questions related to Property Taxes
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Answer Tax QuestionsAre real estate taxes deductible ?
Asked Saturday, November 25, 2000 by an anonymous user
Real estate taxes are generally deductible as an itemized deduction on schedule A.
Is the assessment amount I paid my homeowner's association deductible as taxes?
Asked Tuesday, September 26, 2000 by an anonymous user
No. The Assessment payments you paid your homeowner's association for maintaining common areas of the residential property, such as recreation or safety, are not deductible. Amounts paid are added to the tax basis of the home. The tax basis will be used in the year of the sale to determine the gain or loss on sale.
Are the legal fees I paid for my property tax reduction deductible?
Asked Saturday, September 23, 2000 by an anonymous user
No. Legal fees incurred in reducing an assessment on property are not deductible.
Are Personal Property Taxes deductible ?
Asked Monday, September 11, 2000 by an anonymous user
Personal property taxes based on the value of your house and imposed on a yearly basis are deductible as an itemized deduction. Personal property taxes based on some other criteria, such as weight or size of a car, are not deductible.
Can a person deduct real estate taxes paid on behalf of their parents ?
Asked Friday, August 18, 2000 by an anonymous user
Generally, you can only deduct real estate taxes on real estate which you own and therefore have an obligation to pay. Therefore, if you pay your parent’s real estate taxes on their home, wit title in their name, you will not be allowed to deduct those real estate taxes on your income tax return. If you would like to deduct these taxes, you will have to be put on the title.