Real Life Situations



Question:  
Due to my retirement, I have not been able to itemize.  Do I still have to round up my real estate tax deductions to prepare my income tax return?

Answer:   YES.  Although homeowners can usually deduct property taxes only if they itemized their personal deductions, homeowners who did not itemize deductions can increase their standard deduction up to $1,000 ( $500 for single taxpayers) for real estate taxes paid in 2009 (this provision applies to 2010 also)

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