DawnC
Expert Alumni

State tax filing

School district taxes you paid are already reflected in your tax return when you enter your W-2.  If you paid school taxes through your property taxes, and the tax is based on the value of the property you own, you can enter that on your federal return, under deductions and credits, Property Taxes.  See that link for instructions.  

 

 

Real estate taxes (also called "property taxes") for your main home, vacation home, or land are an allowable deduction if they're based on the assessed value of the property and the property is for your own personal use. Whether you'll actually get a deduction on your taxes is another story, as several changes enacted by tax reform have impacted this deduction.

For one, you won't be able to deduct your property taxes if you're taking the Standard Deduction.  You must itemize to see any tax benefit.  

 

Even if you itemize, the SALT deduction, which includes property tax, is now capped at $10,000 ($5,000 for couples filing separately). This means taxpayers who live or own property in states with high property taxes may not be getting as big a deduction as they have in years past.  That said, you should still enter your property taxes in TurboTax. We'll figure out what amount, if any, is deductible. Be sure to include property taxes paid at closing as well as the annual property tax paid to your assessor.

 

 

 

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