How much do you get back on your property taxes from the IRS?
I am a first time homebuyer, and I am very curious on how much someone that isn't married, has no dependents, and is the head of household would get back from $6,500 worth of property taxes. I put 0 for everything, and only make 34k a year. 12%er.
- STEVEN FLv 71 month ago
The IRS has NOTHING to do with property taxes.
While you can claim a deduction for property taxes IF you itemize deductions, $6,500 is just over half of the standard deduction. You need nearly $6000 of additional itemized deductions just to break even.
- StephenWeinsteinLv 71 month ago
In your cases, nothing. Unless you really screwed up the paperwork, in which case it might actually cost you money.
What you get back is essentially the income tax on your choice of either (a) the standard deduction, currently about $12,000 per person, or (b) the total of your donations to charity, state income tax, property tax, etc., up to various limits. With an income of only $34,000, you would actually get back more using the standard deduction (so that you get back the same amount as if did not pay any property tax). To get back anything from the IRS on your property tax, you have to choose not to take the standard deduction, and then you would get back less than if you had taken standard deduction and not gotten back anything on the property tax.
- Anonymous1 month ago
You don't get anything "back" on your property taxes. IF you itemize deductions on your tax return, state/local taxes have a deduction up to $10,000. With such a low income there should be no reason for you to itemize.
- JudyLv 71 month ago
If you have no dependents, you are NOT head of household. But that aside, you'd save somewhere between zero and $780.
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- Wayne ZLv 71 month ago
For most people .......$0.
The new tax law from a couple of years ago increased the Standard Deduction for Single people to $12,000. It was $12,200 for 2019. Your Itemized Deductions (Mortgage Interest, Property Taxes, Other State Taxes, and Charitable Expenses) must be more than this amount to get any tax benefit.
As of 2018, most people who could Itemize Deductions and get a tax benefit under the old law, no longer could.
In the off chance that you can Itemize and you are in the 12% bracket, your $6500 deduction may net you $780. Actually, it would probably be a lot less than that because $6500 would be a big chunk of your deductions.To claim "Head of Household", you would have to be supporting yourself and someone else like your child. If you live alone, you are "Single". Just paying your own bills does not make you Head of Household.