Fiberglass Pool - Property Tax Question

Rubemon — Tue, 22 Dec 2020 16:14:28 GMT

Greetings. I live in California, LA county to be exact. Does anyone know if the installation of a fiberglass pool will be cause for an assessment and an increase in property taxes? And if so, what %?

Thank you in advance.

Re: Fiberglass Pool - Property Tax Question

rjs — Tue, 22 Dec 2020 19:31:37 GMT

This TurboTax community is for questions about income tax. We can't help you with a question about property tax in a particular county.

Re: Fiberglass Pool - Property Tax Question

Rubemon — Tue, 22 Dec 2020 22:57:39 GMT

As property taxes are "deductible", on our income tax returns, I thought someone might have some insight on that. thanks.

Re: Fiberglass Pool - Property Tax Question

xmasbaby0 — Tue, 22 Dec 2020 23:59:25 GMT

If you have enough itemized deductions to exceed your standard deduction you can enter your property tax that you paid in 2020 on your 2020 return. Many people find that they do not have enough itemized deductions to have any effect.

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns. The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income. It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2020 Form 1040.

2020 Standard Deduction Amounts

Single $12,400 (+ $1650 65 or older)

Married Filing Separate $12,400 (+ $1300 if 65 or older)

Married Filing Jointly $24,800 (+ $1300 for each spouse 65 or older)

Head of Household $18,650 (+ $1650 for 65 or older)

topic Fiberglass Pool - Property Tax Question in Deductions & credits

Fiberglass Pool - Property Tax Question

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