Some taxpayers do not itemize deductions and are not able to deduct the real estate taxes they pay. The standard deduction is taken instead. These taxpayers have not been able to take advantage of one of the more significant benefits of home ownership, that is, the ability to itemize deductions.
In the hopes of providing some relief to homeowners in a difficult economy, Congress has enacted The Housing Assistance Tax Act of 2008. One of the provisions in the 2008 Housing Act is an increase in the standard deduction for state and local real property taxes for homeowners who do not itemize deductions. The standard deduction is increased by the lesser of (1) the amount otherwise allowable to an individual as a deduction for state and local real property taxes, or (2) $500 ($1,000 in the case of married taxpayers filing jointly).
The increased deduction may be of real assistance to you.
Please call my office to discuss how this benefit, and other benefits of the 2008 Housing Act, can help your overall tax situation. I would enjoy discussing this with you.
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