doing my 2005 tax return with taxact
Your property taxes reduce your tax liability. In other words, if you are getting a refund, it should increase your tax refund. You will only be able to take your property tax deduction if your itemized deductions exceed your standard deduction. If you are single the standard deduction is 5000, and if you are married filing jointly that will be 10000. If you have property taxes you more than likely have mortgage interest which can be used as an itemized deduction.
|