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Real Estate Tax & Personal Property Tax

Real estate tax and personal property tax can be itemized. Itemizing real estate tax, personal property tax as well as mortgage interest may result in larger tax deductions than the standard deductions allow.

What are real estate taxes?

Real estate taxes are taxes on real estate property such as a house or land that is owned by a taxpayer but not used for business.

The tax on a real estate property is based on the assessed value of the property.

Which tax form are real estate taxes reported on?

Real estate taxes are reported on the IRS tax form 1098 called Mortgage Interest Statement or a substitute form 1098. This real estate tax reporting form is usually sent out to the homeowner by the mortgage company.

Real Estate Tax & Personal Property Tax

What are personal property taxes?

Personal property taxes are taxes that the state and local governments charge on personal property that are based on the value of the property. Personal property taxes are tax deductible.

How to deduct personal property taxes?

Personal property taxes are charged on a yearly basis even if collected more or les than once a year.

Is there personal property tax on my car?

Usually yes.

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