The Future of Property Tax Deductions

[jainen]

https://www.ftb.ca.gov/individuals/Real_Estate_Tax_Deduction/index.shtml

You'll love this! And don't think you can ignore it just because you live another state.

[taxtrio]

Same rules apply to the Michigan Homestead Credit.... has for years.

Taxtrio

[jainen]

>>has for years<<

Oh yes, that has always been the rule. But who ever followed that rule? What's new is that next year California will require taxpayers to report three more things--the deductible amount, the non-deductible amount, and the parcel number to make sure.

The tax bill I happen to have in my hand at this moment is for $1528. Of that, 47% ($723) is non-deductible because it is not based on property value. I'm already having trouble telling clients that half their mortgage is not deductible after their last refinance. And half their boomerang kids are not dependents because they had those temp jobs last summer. And half their charity contributions are not deductible because the community groups aren't incorporated.

Who looks good for electing on a third-party ticket this year?

[joanmcq]

I've already been taking out the non-deductible portions; something I never really worried much about since in most of Sacramento, the non-ad valorem portions are tiny. Mine are $14.

BUT, just a little farther south in Elk Grove, where they have Mello-Roos assessments...ouch! Over $1300 on one property.

Gotta make everyone bring in their damn statements now; even online they only report the special assessments for the last year, and although they don't change much, is the FTB going to squabble if I'm off a few dollars?

[michaelmars]

Long Island has so many taxing districts, that flow onto real estate tax bills, sanitation pick up, fire, ambulance, library, parks, etc etc.

only once a few years ago i had an agent disallow the sanitation portion of a bill