Illinois Babies
any accountants out there? help!
Does anyone know if I can deduct real estate taxes paid in cook county on both my federal (itemized) and state tax forms? Or is it only on one or the other. I'm pulling my hair out trying to figure out why I can't see anything that says I can't yet the tax wizard on h&r block's website doesn't seem to think so (haven't paid for the service - I'm trying to do it on my own but after using their free federal tools it teases you by previewing your state return, which doesn't seem to account for the propoerty taxes/schedule icr that I filled out when doing them by hand).
ANY help would be GREATLY appreciated!!!
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Re: any accountants out there? help!
I am so not an accountant, so don't construe this as tax advice, but I'm 99.9% sure you can deduct real estate taxes on your federal return, as long as you are itemizing. There is a line on the itemized deductions schedule (A) for real estate tax and the only kind of real estate tax people pay is local tax. Read the instructions, but it should be straightforward.
On the state form, I think there is a property tax credit that you calc on a separate worksheet. Go to the State of IL Department of Revenue's website and read the instructions for the 1040IL.
Im not an accountant by any means. There's a homesteaders tax deduction too, not sure if its the same thing.
I don't itemize and I just submit my tax statement from my mortgage lender with my papers. I have an accountant who prepares my taxes for me, but when I did it myself, it was clearly a place to put in real estate taxes paid.
Yes, you can deduct your property taxes on your federal return as long as you itemize. Then for your state return it's a credit:
https://www.revenue.state.il.us/publications/pubs/pub-108.pdf