Deducting Real Estate Taxes

Do you own your own home? If you own your own home and itemize deductions on Schedule A on your personal tax return (form 1040) then you can deduct any real estate taxes you pay. This is one of the tax benefits of home ownership. Real estate taxes paid on your second or vacation home can also be deducted on Schedule A of your tax return.

Remember when it comes time to pay your taxes that you may be making your real estate tax payments through your escrow account with your mortgage and not writing checks directly to your county or state. Often times your mortgage company will report the property taxes paid through your escrow account on your mortgage 1098 form.

If you have any questions about whether or not the taxes you have paid during the year are deductible on your tax return, be sure to consult a tax professional.

Seattle/Bellevue Tax Accountants

About the author

Seattle CPA+John Huddleston has written extensively on tax related subjects of interest to small business owners. Since 2002, he has owned his own small business, Huddleston Tax CPAs. He is a graduate of Washington State University and the University of Washington School of Law.