Real Estate Tax vs. Property Tax - What is Deductible?
Real estate taxes are a certain type of property tax, but each has different tax deduction rules.
Property is divided into two categories: personal property and real property.
Real property taxes are generally deductible by an individual homeowner, but only the portion that is the ad valorem taxes. The non-ad valorem taxes are not deductible as an itemized tax deduction.
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#IRS #RealEstate #PropertyTax
DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.
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