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I have a income and my real estate taxes on my home doesn't…

I have a income and...
I have a income and my real estate taxes on my home doesn't not seem to affect the amount I owe in taxes on the 1040 , what is the reason for this?
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Answered in 1 minute by:
10/9/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,681
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer.

My name is ***** ***** I will be happy to assist you.

Do you itemize (use Schedule A)? If not, the standard deduction is used to compute your taxable income and your real estate taxes do not come into play.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 10 months ago
the deductions are on schedule a

Are the deductions greater than your standard deduction?

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Customer reply replied 10 months ago
the deductions are very large are pretty big

Are you subject to AMT?

Are your itemized deductions limited?

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Customer reply replied 10 months ago
I ma subject to AMT , that is showing ,
I think they are because it is not having any effect on the tax I owe

You get no benefit from paying real estate taxes in a year that you are subject to AMT.

See the following:

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Alternative-Minimum-Tax--Common-Questions/INF12072.html

Please take a moment to rate my answer since that is the only way I receive credit for answering you.

Thank you.

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Customer reply replied 10 months ago
also on line 44 , I have a very large number can you tell me what that is for ?

Line 44 is the income tax based on the income on Line 43.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,681
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 10 months ago
Oh, thank you

Thank you for the positive rating of my answer. It is very much appreciated!

Have a great week!

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Barbara
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