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.
- Property tax add-on to standard deduction is gone
- Homeowner winners, losers in tax cut bill
- Property taxes across the country
- N.J. got it right: We hate property taxes
- Appealing your property tax appraisal
- Fighting rising property taxes
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