Tax Talk-Just Ask Me
67Former Itemized Deductions?
For 2008 and 2009, one deduction that, in the past, could only be used if you itemized is the property tax deduction. For tax year 2008, I saw numerous tax returns that did not take advantage, for whatever reason, of this deduction. For these 2 years, 2008 and 2009, a homeowner can deduct the property taxes paid on their personal resident regardless of if they itemize or not. The amount of the deduction is limited to $1000 or the actual amount of property taxes paid, whichever is less.
Also, for 2009, taxpayers who purchase a new vehicle between Feb. 17, 2009 and
Jan. 1, 2010, can deduct sales or excise tax paid up to a purchase price of $49,500.
There are phaseout limits for this deduction.
REMEMBER! You do NOT have to itemize to take these deductions!!!
If you have any questions, just ask.
God Bless You
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