Have a Tax Question? Ask a Tax Expert
Good evening. If you are not escrowing the taxes with your mortgage company..in which case they will pay the property taxes...then you will get a property tax bill from your county. You will pay this and then you can deduct this on Schedule A of your Form 1040 federal tax return. You will want to make sure you have claimed the homestead exemption with your county because that will reduce the amount of your property taxes.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.
do the homestead exemption is also available in schedule A?
No...the homestead has nothing to do with your federal tax return. It's a separate form you will file with your local county's appraisal district.
My pleasure. You take care....congratulations on being a new homeowner!
I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.