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The 2017 Tax Cuts and Jobs Act limits the deduction for state and local taxes, including property, income and sales taxes, to $10,000 per year. If you need to deduct more than $10,000 on your tax ...
For tax purposes, use the ad valorem number, which is the assessed value of real estate or personal property. The maximum deduction you can claim for all state and local taxes, including real ...
Property taxes are deductible provided you itemize your deductions on your federal tax return. Taxpayers can deduct up to $10,000 per year in state and local taxes, which includes property taxes ...
The largest property tax exemption is the exemption for registered non-profit organizations; all 50 states fully exempt these organizations from state and local property taxes with a 2009 study estimating the exemption's forgone tax revenues range from $17–32 billion per year.
For US federal income tax purposes, state and local taxes are defined in section 164(a) of the Internal Revenue Code as taxes paid to states and localities in the forms of: (i) real property taxes; (ii) personal property taxes; (iii) income, war profits, and excess profits taxes; and (iv) general sales taxes.
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