TikTok video #7601271292116995341
If you're a homeowner and you're not taking advantage of this tax rule you're literally missing out on $10,000. You see this past tax season a new bill was passed by President Trump that was going to help out homeowners significantly for two reasons. What this bill does is it allows homeowners to take their property taxes and also the state and local taxes that they pay and write it off against their federal income. If you live in a state like California, Massachusetts, or New York where you're paying a bunch of property tax and state and local taxes you can take all that money that you're paying and write it off against your federal income so that way you don't get double taxed. Now there's a certain way you need to do this in order to properly get this write-off but this is supposed to save people around $10,000 as they're going to be able to write off $40,000 of state and local tax deductions. To take advantage of this itemize your deductions and then do a schedule A with 1040 form. This will allow you to go and take advantage of this and have massive tax savings and if you want my team to do your taxes this year comment the word tax refund and I'll add you to my mailing list.
Summary
Homeowners can save significant taxes by writing off property and state taxes against federal income. This can lead to savings of up to $10,000, especially in high-tax states.
Key Points
- Homeowners can save up to $10,000 with a new tax rule.
- The bill allows writing off property and state taxes against federal income.
- States like California, Massachusetts, and New York benefit the most.
- You can write off $40,000 in state and local tax deductions.
- Itemize deductions and use Schedule A with Form 1040 for savings.
- Consider professional help for tax filing to maximize benefits.
Tags
Repurpose Ideas
- LinkedIn post: How to maximize your tax deductions as a homeowner
- Tweet: 3 key tax benefits for homeowners you might be missing
- Checklist: Steps to itemize deductions for tax savings
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