Personal tax question re: property taxes

[janetvj]

Originally Posted by forest beekeeper

All taxes are write-offs.

The idea of the Standard deduction is that if you were to add up all taxes that you pay through-out the year, it might equal the standard deduction.

We used to keep track of our taxes and we commonly had more in taxes than the standard deduction.

I have known folks, who when they buy a new automobile the sales tax on that vehicle is enough to justify tracking all sales taxes over the year.

Since retiring how much I pay in taxes is much lower now, so we no longer sum our taxes.

However such is common among folks who make a hobby out of staying on top of their income tax filing.

If you desired to stop paying income taxes entirely, this is one step that could help you in that direction. Courses on 'tax planning' would teach you other areas to increase your write-offs as well.

This isn't exactly accurate. If you itemize, you may deduct real property taxes paid during the tax year. You may also deduct either state income tax or state sales tax, but not both. You may not deduct federal income taxes and excise taxes, social decurity taxes, medicare and unemployment taxes, estate and gift taxes, state gasoline taxes, among others.

[Submariner]

Originally Posted by janetvj

This isn't exactly accurate. If you itemize, you may deduct real property taxes paid during the tax year. You may also deduct either state income tax or state sales tax, but not both. You may not deduct federal income taxes and excise taxes, social decurity taxes, medicare and unemployment taxes, estate and gift taxes, state gasoline taxes, among others.

I stand corrected.

Having never paid state income taxes, I only did the sales tax write-off.

Thanks

[janetvj]

Originally Posted by forest beekeeper

I stand corrected.

Having never paid state income taxes, I only did the sales tax write-off.

Thanks

You're welcome. Filing and paying income taxes should not be so complex. But, unfortunately, the law-makers have a stake in keeping things complicated, so that the services of the accountants and lawyers stay in demand.