Property Taxes?

[Mik]

I don’t think there is quite the spread between property values as there is in income.

[89th]

Maybe. Those paying property taxes are those who own, not rent (or are houses for free).

[Renauda]

Can US residents write off their property taxes on the annual income tax returns? We cannot. Nor can we write off the annual interest paid on principal residence mortgages.

[89th]

Yes if you don’t use the standard deduction.

[George K]

@Renauda said in Property Taxes?:

Can US residents write off their property taxes on the annual income tax returns? We cannot. Nor can we write off the annual interest paid on principal residence mortgages.

Yes, but, in addition your other deductions have to exceed the standard deduction.

And...

You're limited to $10K of tax deductibility.

[LuFins Dad]

This subject has @jon-nyc feeling SALT-Y

[jon-nyc]

Yeah. It's funny how he said he wants to remove the SALT cap, at least that was his message in Long Island. But I'm sure that, like tips, social security, and overtime, the Long Island folks who voted for him for that will just be yet more unsecured creditors holding the broken-promise bag.

[Axtremus]

@89th said in Property Taxes?:

Maybe. Those paying property taxes are those who own, not rent (or are houses for free).

Property owners factor in property taxes when setting rent.
Renters pay property taxes too, just indirectly through property owners.

[Mik]

@Axtremus Yep.

[George K]

@Axtremus said in Property Taxes?:

Property owners factor in property taxes when setting rent.

Of course. When I was a landlord, I did.