Where do I find this number for 'Property taxes on your main home'?
The problem.. 1098 Mortgage Interest Box 10 for ~$10,000 is 'informational only' and includes more than just property taxes.
My county property bill shows how much I paid for the year, but it also includes things not deductible such as 'trash service' and other things.
So.... where do we get this number from?
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You can deduct the full county property tax bill if that is the amount you paid. If the fee is related to your assessed property value, it is deductible, so verify whether or not the 'trash service' fee is based on your property value or not. Usually, the bill from the county appraiser is based on your property value and therefore deductible.
You can deduct the full county property tax bill if that is the amount you paid. If the fee is related to your assessed property value, it is deductible, so verify whether or not the 'trash service' fee is based on your property value or not. Usually, the bill from the county appraiser is based on your property value and therefore deductible.
Quick question.
Doing some more research on turbo tax, people are saying school taxes are part of property taxes and to input the amount from 1098 Box 10 into where turbo tax asks for 'property tax'.
"School taxes paid are often included as part of your property taxes. You should enter the total deductible property tax amount, including the school tax portion, in the Property Taxes section."
Thoughts?
Yes, school taxes are generally included with property taxes for federal itemized deductions, provided they are based on the assessed value of your property. If the tax is on your property tax bill, it is generally included as deductible real estate tax.
Thank you so much. One more question if I may,
If I get my school bill separate from my property bill but both (when added together) equals exactly the amount shown on 1098 Box 10, I would include the property and school taxes combined into the amount for 'property taxes'?
Thank you again.
Yes, you would combine the property and school bill and report as your "property tax", as long as the "school bill" is based on the value of your property, as opposed to being a flat fee.
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