Non Itemizers – Deduct your Real Estate Taxes This Year

by Jane DeAustin, CMBA Government Affairs Director 

The Housing and Economic Recovery Act of 2008 includes something for everyone.

For the tax year 2008 – and 2008 only – taxpayers who do not itemize their deductions but pay property taxes will receive an additional standard deduction – $500 for single taxpayers, $1,000 for married couples filing jointly.  This provision is to benefit home owners who have paid off their mortgages. 

Note: the deduction cannot exceed the property-tax bill.  For example, if you are married and filing jointly and your property taxes total $800, then your deduction is $800. 

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