are property taxes still deductible in california?
10079
Federal law limits your state and local tax (SALT) deduction to $10,000 if single or married filing jointly, and $5,000 if married filing separately. ... California does allow deductions for your real estate tax and vehicle license fees.
1356122
If you itemize deductions on your federal tax return, you may be able to claim a deduction for the personal property taxes you've paid. ... This type of tax is separate, and may be in addition, to the state and local taxes you pay on your real estate.
275280
Can I deduct investment expenses, such as the cost of my investment advisor, on my 2019 California Income Tax return? ... Although the new tax law eliminated investment expense as an itemized deduction, it should transfer over to your California State return.
1390391
No, these are generally not deductible. If you paid sales tax on the vehicle, that could be added to the sales tax table amount to figure your sales tax deduction. If you pay an annual registration fee based on the value of your car, that's deductible as a property tax.
1045369
California chose to not conform to the changes implemented at the Federal Level with the tax changes of 2017 effective in 2018. Your investment advisory fees as well as all previously acceptable California itemized deductions are still allowable for California Income Tax.
1231671
Yes, property taxes you pay in 2018 and future years will remain deductible. ... The only exception is that beginning with tax year 2018; you can only deduct the first $10,000 of your combined property and state income taxes if they exceed that amount.
621870
Yes, school taxes that are considered real estate taxes are deductible. Deductible real estate taxes are generally any state, local or foreign taxes on real property levied for the general public welfare.
462042
You can deduct your real estate taxes on your federal income tax return. ... For 2019, the IRS says you can deduct up to $10,000 ($5,000 if you're married filing separately) of the following costs: Property taxes, including real estate taxes and personal property taxes.
444567
If you pay taxes on your personal property and owned real estate, they may be deductible from your federal income tax bill. ... If you pay either type of property tax, claiming the tax deduction is a simple matter of itemizing your personal deductions on Schedule A of Form 1040.
161370
Per the current CA FTB guidance, property taxes are deductible on your CA state tax return if you itemize and are not subject to the $10k deduction limit that is imposed on the federal return. Local income taxes are not deductible.
938529
Correct...they are not directly taxable HOWEVER like many other states, CA used your total annual income to compute your taxes and then prorate them...
1167154
Unfortunately, transfer taxes are not tax deductible. Transfer taxes are fees imposed to legally transfer a real estate title, and they vary by state. Often, the seller will pay the tax; however, the tax is not deductible for either the buyer or the seller.
339132
Taxes in a trust. State and local income taxes, real estate taxes, and personal property taxes are all deductible if paid by the trust on trust obligations. So, if the trust owns real estate, it gets to deduct those taxes.
468226
Yes. You can deduct your real estate taxes on your federal income tax return. But limits apply and you have to itemize to take the deduction. ... State and local income taxes or state and local sales taxes (you can't claim both).
1188556
According to the IRS: Deductible real estate taxes generally don't include taxes charged for local benefits and improvements tending to increase the value of your property. These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements.
69699
Homeowners who itemize their tax returns can deduct property taxes they pay on their main residence and any other real estate they own. This includes property taxes you pay starting from the date you purchase the property. The official sale date is typically listed on the settlement statement you get at closing.
1144429
In California, the market value at sale incurs tax assessments. In some states, you pay property taxes in arrears. In California, you pay half the tax in advance, and the other half in arrears of the start of the fiscal year. ... The due dates are set forth by state law and you must pay the taxes on those dates.