What’s yours is mine and mine is… Uncle Sam’s?!

One of the ultimate goals in society today is to eventually own something. Unfortunately, the whole American Dream notion tends to be accompanied by a few undesirables; one of which is property taxes. Depending on your budgeting skills and your own aspirations, you could end up paying taxes on one or any of the following:

• House
• Vacation home
• Rental property
• Boat
• Vehicle

The list goes on and on. With our end goal of home ownership in mind, we should fully realize all of the additional expenses that come along with it. Property taxes are one of those major expenses. Ringing any bells? If so, we’ve got some good news for you. Although you can’t technically nix paying taxes on your property altogether, you may qualify for a tax deduction, thanks to Uncle Sam.

Which property taxes qualify for the write-off?

Continue reading “Property Taxes 101: How to Claim a Tax Deduction”