Real Estate Property Tax Deduction
Definition - What does Real Estate Property Tax Deduction mean?
A real estate property tax deduction is a discount that is applied against federal income taxes for the amount or a part of the amount that a person pays to the state for property tax. This is so that double taxation does not occur and can be a different amount depending on whether the property in question is the family home and the other specifics within each person's situation.
Justipedia explains Real Estate Property Tax Deduction
Municipal and local taxes are also deducted from federal tax. Any tax that is related to upkeep and maintenance will be deducted at the federal level.
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