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The Truth About Personal Finance (Collection) by Kay S. Bell, Steve Weisman

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Truth 31. Writing off your property taxes

Real estate taxes are one of the most aggravating taxes around. In almost every county in almost every state, homeowners dread the arrival of their property tax bills.

Uncle Sam can’t help you lower your annual home assessment, but he does provide a way that this local levy can reduce your federal tax bill. You can claim your property tax payments as itemized deductions.

No limits—Although in many deduction instances, the tax code limits how much you can claim, that’s not a problem when it comes to property taxes.

Not only are all real estate taxes, regardless of whether they are collected by your state, county, city, or some other governmental taxing jurisdiction, fully deductible, but you ...

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