“2024 Tax Season: Is It Still Possible to Claim Property Taxes for the Best Deductions?” (45 characters) or “Maximize Your 2024 Tax Savings: Can You Write Off Property Taxes?” (48 characters

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Written By kevin

A financial strategist with a knack for demystifying taxes and insurance, Kevin distills complex concepts into actionable advice.

The rules of tax deductions can change from year to year, and it can be challenging to keep up. If you’re a homeowner or property owner, one deduction that has likely been on your radar is the ability to deduct property taxes. However, with new tax laws coming into effect in 2023, you may be wondering whether you will still be able to claim this deduction.

In this article, we’ll explore the topic of property tax deductions in detail and answer some common questions related to them.

2023 Tax Deductions: Can You Still Claim Property Taxes?

What are Property Tax Deductions?

A property tax is an assessment levied by local governments on properties such as land and buildings. These taxes fund public services like schools, hospitals, police departments etc. When home or real estate owners pay their property taxes each year they have the option of claiming them as a deduction on their federal income taxes for that same calendar year – this means less money paid out in federal income taxes!

How Does The New Tax Laws Affect The Property Tax Deduction?

Before we dive into how the new tax laws affect these deductions; let’s recap what they are first.
Previously (in years prior to 2018), taxpayers could deduct all state and local income/sales/property/tax if they itemize total deductions.Which essentially meant there was no limit/restriction placed on allowable claims.

However,the Tax Cuts and Jobs Act (TCJA), which went into effect in January 2018 changed many aspects of US Federal taxation including restrictions placed upon certain deductions claimed by individual taxpayersFor example”SALT”(State And Local Tax)deduction restriction was brought in play meaning that taxpayers now cannot claim more than $10k per annum from SALT when itemizing.Accordingly beginning 2023 homeowners/Citizens would only have access upto $10K worth of state/locality real estate property tax deduction.

Can You Still Claim Property Taxes in 2023?

Yes, property taxes on your personal residence are still tax-deductible beginning with the 2018 federal tax return you file in 2019. However, as previously stated there becomes a cap/range between claimed state and local income/ sales and property taxes.Put another way,a total limit of $10,000 for all claims on these types of taxes combined will be implemented starting from the 2023 taxation year

If you’re planning to buy a home or already own one, it’s important to understand that paying property taxes is an ongoing expense that impacts your bottom line.Doing so includes keeping track of what’s deductible or not when filing federal income tax.If you’re uncertain about claiming deductions or how they may affect your overall financial plan, consider seeking advice from professional financial advisors or accountants who can guide you toward making informed decisions.

How To Keep Track Of Your Deductibles?

Filing your yearly paperwork doesn’t have to be overwhelming! Here are some quick ways homeowners keep track of their expenses:

  • Keep records each time you pay property taxes
  • Always retain accurate records of realty purchases and/or investments regarding dollar-outlay(s).
  • When possible try pre-paying next year’s real estate property taxes before December each year.Why? Because prepaid bills expire within current calendar year – this allows taxpayers involved more leverage per annum against $10K max threshold.
  • Use accounting software like Quickbooks or Excel (or even paper ledgers)to help visualize where money is going when spending is occurring.


Knowing which parts of life are deductible can make things less stressful come April; however it requires knowledge & attention to detail throughout the entire calendar reimbursement period.In short,the new law does impose quantity restriction but for majority,minimal difference exists compared to years past concerning amount deduction wise.

Understanding these changes will ensure that you can properly claim your property taxes on your federal income tax returns and avoid any penalties or issues with the IRS. Be sure to keep accurate records of your expenses, work with professionals if necessary, and stay informed about changes to tax laws as they arise.


QUESTION: Will I still be able to claim property taxes on my tax return in 2023?
ANSWER: It depends on your situation. The Tax Cuts and Jobs Act (TCJA) of 2017 introduced a limit of $10,000 for the combined state and local income, sales, and real estate/property taxes that taxpayers can claim as an itemized deduction. Therefore, if your total amount of state and local taxes paid exceeds $10,000 for the year, you won’t be able to deduct all of it.

QUESTION: What types of property taxes are eligible for deductions?
ANSWER: Property owners may be eligible to claim deductions for certain types of real estate or personal property taxes paid during the year. This includes state and local real estate or property taxes levied annually based on the assessed value of the home or other properties you own (excluding any portion that funds benefits specific to your property). However, any penalties or fees charged by a municipality aren’t deductible.

QUESTION: Can I still claim mortgage interest deduction along with my property tax deduction?
ANSWER: Yes – homeowners can continue to claim both mortgage interest expenses and up-to-$10k worth of state/local income/sales/property tax payments as itemized deductions after 2017 TCJA changes were implemented . These limits do not apply on people who have loan obtained before December 15th ,2017 including refinance loans from earlier than this day but with unchanged balance.”


**H3. Can I still claim property taxes as a deduction in the 2024 tax season?**
Answer: Yes, property taxes can be deducted from your taxable income in the 2024 tax season, provided they were paid during the tax year. This deduction applies to both residential and commercial properties.

**H3. What types of property taxes are eligible for deductions?**
Answer: Property taxes imposed by local and state governments, such as real estate taxes or personal property taxes, can be claimed as a deduction. However, be mindful that certain limitations and conditions might apply, so it’s essential to consult your tax advisor or review IRS guidelines for the latest rules.

**H3. How do I properly document my property tax deductions for the 2024 tax season?**
Answer: Make sure you gather all relevant records of your property tax payments, including receipts, paid notices, or cancelled checks. This documentation will help you provide solid evidence during the tax audit process, ensuring an accurate and maximized property tax deduction for your 2024 tax filing