topic I pated cash for my new home can I deduct my property tax? in Deductions & credits

I pated cash for my new home can I deduct my property tax?

rosslaplata — Wed, 29 Jan 2020 18:25:21 GMT

Re: I pated cash for my new home can I deduct my property tax?

JohnW222 — Wed, 29 Jan 2020 18:41:24 GMT

Yes, you can, as long as the tax is based on the assessed value of the property, and the property is for your own personal use.

Please see the TurboTax Help article “Can I deduct property (real estate) taxes?” for more detail.

Re: I pated cash for my new home can I deduct my property tax?

Hal_Al — Wed, 29 Jan 2020 18:57:05 GMT

It depends on what "can I deduct my property tax" means.

Yes, you are allowed to deduct property, even if you don't have a mortgage.

But, you won't be able to get any benefit from deducting your property taxes if all your itemized deductions are less than the standard deduction. A general rule, especially under the new tax law, is that people without mortgages seldom have enough itemized deductions to claim them.

In TurboTax, you can enter them all and let TT do the math