Sherri Posted February 9, 2009 Report Posted February 9, 2009 Can anyone explain the line to me in plain english, I have a client who is bound and determined it's a new law, and he gets it. Thanks, Sherri Quote
JRS Posted February 9, 2009 Report Posted February 9, 2009 If the client does not itemize on Sch A, he can claim up to $500 MFS, $1000 MFJ for real estate property taxes paid on his home. As far as the disaster loss, can't help you there. Quote
Don in Upstate NY Posted February 9, 2009 Report Posted February 9, 2009 Can anyone explain the line to me in plain english, I have a client who is bound and determined it's a new law, and he gets it. It's a new law and he probably gets it if he owns his own home and takes the standard deduction. You get to add your property taxes (up to $500 single or $1,000 MFJ) to your standard deduction. So a single person who paid $750 in property taxes would have a $5,950 standard deduction. Quote
Terry D EA Posted February 9, 2009 Report Posted February 9, 2009 Agree with Don totally and I have done more than a few of these already. Terry D. Quote
Sherri Posted February 9, 2009 Author Report Posted February 9, 2009 Thanks guys, I'm embarrassed to say I missed that one. Sherri Quote
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