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How to Deduct Property Tax When Filing Your Return

The U.S. tax laws allow you to take a deduction for the property tax payments you make on your home , provided that your local government imposes the tax using a uniform rate that’s based on your home’s value Satisfying the property tax deduction requirements isn’t difficult ; though, determining how to report it when filing your income tax return can be a little challenging.

First, determine whether you’re eligible for the property tax deduction. The property tax deduction is only available to the people who are legally responsible for making the tax payments, regardless of who actually makes them. Therefore, if you make property tax payments for another taxpayer, you’re not able to claim the deduction. This is true even if you have a separate agreement with a homeowner to cover the tax payments in exchange for living in their home.

Understand the difference between your tax liability and tax payments. The property tax deduction you report must only include the tax payments that are actually made during the tax year. For example, if your county or city government imposes a property tax of $10,,000 and you only pay $4,500 – your deduction is limited to $4,500.

Compare your itemized deduction to the standard deduction. You’ll want to ensure you claim the bigger of the two tax deductions. If the total of your deductible expenses reported on Schedule A, including all property tax payments, is less than the standard deduction for your filing status, you can save more money in tax with the standard deduction rather than itemizing your property taxes.

Report your annual property tax payments on Schedule A if itemizing. The Schedule A has a section entitled “Taxes You Paid” where you should report all property taxes. Once you complete the Schedule A form, you must attach it to your 1040.

If you are eligible to claim a deduction for property taxes, there are additional home-related deductions you should also consider claiming on Schedule A such as mortgage and home equity loan interest and mortgage insurance premiums.

Using Form 1040 to report your taxes is the only form you can use when itemizing deductions. Although you have the option of filing a 1040A or 1040EZ instead, the IRS doesn’t allow for a property tax deduction with those forms.

IRS Reference:
Schedule A Form