Personal Property Tax Deductions

If you’re like most people, then you probably hate paying your property taxes. However, it’s not all bad! Believe it or not, you can deduct the taxes you’ve paid as an itemized deduction when filing time comes around.  

Of course, as with anything through the IRS, there are certain eligibility requirements that your property tax or taxes must meet in order to qualify. Fortunately, though, they’re pretty basic. You can generally deduct the tax as long as:

l  It is based on the value of the property

l  The tax is imposed annually

l  The tax is imposed on personal property

This does mean, unfortunately, that you can’t deduct business property, at least not under the personal property tax deduction umbrella. There is, however, a way to deduct business property taxes and most other types of property taxes as well. The right attorney can walk you through how to deduct taxes, when possible, for a variety of different scenarios.

So, if you’re feeling confused about the personal property deduction or want to inquire about other possible deductions for which you may qualify, don’t hesitate to contact a tax professional. These people can help you find every possible deduction to save you as much money as they can, which can really make a huge difference come tax time!