PROPERTY TAX DEDUCTION for every homeowner
If you own a home, you are probably paying property taxes. When it comes to the tax deductions, you get to deduct the property tax only if you itemize your deductions. If you do not have large expenses to itemize, you are better off using the Standard Deduction. This is how it has been until now. On your 2008 tax return, you will see an important change regarding the property tax deduction. Even if you don’t itemize your deductions, you will still get the property tax deduction on top of the Standard Deduction. The maximum for this added deduction is $500 ($1,000 for married filing jointly).
