- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes, school taxes that are considered real estate taxes are deductible. Deductible real estate taxes are generally any state, local or foreign taxes on real property levied for the general public welfare. Since school taxes are not specific to a student or whether or not you have a student in the system, then this is considered to be for the public welfare.
Local benefit taxes for improvement to property, such as assessments for streets, sidewalk and sewer lines, are not deductible. However, you can increase your cost basis in the property by the amount of the assessment which will reduce your gain (if any) when you sell the property. These local benefits taxes are deductible if they are for maintenance or repair, or interest charges related to those benefits.
https://www.irs.gov/taxtopics/tc503.html