Sunday, December 21, 2008

New deduction for Real Estate taxes

There is an additional standard deduction for those who do not qualify to itemize tax deductions, but pay real estate taxes. The deduction is equal to the amount of real estate taxes paid up to $500 for single filers or $1,000 joint filers and is available for the 2008 and 2009 tax years.

Just bring the amount of taxes you paid when you visit your tax preparer.


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