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Small Break for HomeOwners

One small break that slipped into the tax code for 2008 and 2009 is the ability to take a deduction for property tax even if you do not itemize. Specifically, if you file Married Joint return, you may deduct up to $1,000, and if filing Single, $500. This isn’t a huge amount, in the 15% bracket it’s $150 or $75, but I’d not turn my back on free money. This is one of the little publicized changes to the code that can impact you depending on your circumstances.

Also – On MSM Money, I discovered a fun tax quiz. Fun? Well, to each his own. It’s 25 questions and I scored 80%. Take the quiz, let me know how you do.

Joe

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