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A chink in the mortgage interest deduction armor?

No Schedule L for 2010 property taxes

I'm getting some e-mails from folks asking where on the 2010 Schedule L they should enter their property tax payments to increase their standard deduction amount.

I hate to be the bearer of bad news, but the answer is nowhere. It's not an option for your 2010 taxes.

The ability to increase the standard deduction amount by adding up to $500 in property taxes paid by single filers or up to $1,000 in real estate taxes paid by married couples filing jointly expired at the end of 2009.

There had been some talk of continuing it, but that provision didn't make the cut when Congress finally worked out the specifics of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act that was signed into law on Dec. 17, 2010.

The bottom line is if you claim the standard deduction, you can't add any real estate taxes to that amount when you file your 2010 returns.

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Comments

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michael

Well, I just lost a my 1,000 tax deduction to pay for the republican deal to extend tax cuts for the wealthy. Being a middle class tax payer and having to pony up my grand to pay the wealth doesn't sit to well.

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