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Deductions & credits
@Username3663139 wrote:
Where is this accounted for on taxes or can we account for it, if it will make any difference?
The property tax paid would be an itemized deduction (Schedule A) and will not make any difference unless the total of your Schedule A deductions exceed your standard deduction (which is around $24,800 if you are filing a joint return with your wife).
See https://www.irs.gov/instructions/i1040sca
Also, the deduction for state and local taxes is generally limited to $10,000.
March 7, 2021
4:27 PM
325 Views