Property Taxes

Taxes
1

It looks like we’re right at the cusp of itemizing vs standard deduction so I want to get this right:

I own my home and pay property taxes but the schedule is weird here. We pay in Nov 2023 and Feb 2024 to pay 2023 taxes. Im assuming I want to list 2023 property tax PAYMENTS (which will be half for 2022 property tax year a d half for 2024 property tax year) for my federal taxes?

2

Yes, you can deduct property taxes billed and paid within the tax year (calendar year).

1 Like
3

And keep in mind the SALT (state and local tax) limit on itemized deductions is $10k. So of you are already close to that with state taxes, property taxes may not help get you into itemized territory.

4

Got it, thanks!