Which of the following statements is correct regarding real property taxes? (Check all that apply.)
a. Real property taxes are deductible as an itemized deduction to the extent they exceed 7.5% of AGI.

b. Real property taxes are only deductible if the real property is used in a trade or business or is rental property.

c. Real property taxes paid by an individual on a personal residence are limited as an itemized deduction to no more than $10,000 per taxpayer per year.

d. Real property taxes are deductible for a taxpayer's primary residence and one additional residence regardless of the number of residences owned.

Question

20-12-2022
Business

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Which of the following statements is correct regarding real property taxes? (Check all that apply.)
a. Real property taxes are deductible as an itemized deduction to the extent they exceed 7.5% of AGI.

b. Real property taxes are only deductible if the real property is used in a trade or business or is rental property.

c. Real property taxes paid by an individual on a personal residence are limited as an itemized deduction to no more than $10,000 per taxpayer per year.

d. Real property taxes are deductible for a taxpayer's primary residence and one additional residence regardless of the number of residences owned.

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sapanpandit sapanpandit · Answer 1 · 2022-12-25T05:39:16+01:00

Real property taxes paid by an individual on a personal residence are limited as an itemized deduction to no more than $10,000 per taxpayer per year.

Property tax is a charge made on real estate that is owned by a person, a business, or another type of legal body. Property tax is most frequently a real estate ad-valorem tax, which is regarded as a regressive tax. It is computed by the local government in the area where the property is situated, and the owner is responsible for paying it.

Usually, taxes are calculated based on the value of the assets that are possessed, including land. However, a lot of places additionally tax things like vehicles and boats that are tangible personal property.

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