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May 12, 2021
Question

Dont have a mortgage but paid taxes. how do i enter them

  • May 12, 2021
  • 1 reply
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can i deduct taxes without a mortgage

1 reply

VolvoGirl
Employee
May 12, 2021

Yes.  You mean like property tax?

 

Enter Property Taxes Paid under

Federal Taxes

Deductions and Credits

Your Home

Property Taxes - Click the Start or Update Button

 

There is now a limit on deducting Property Tax and state taxes (SALT).  This deduction is part of several taxes where the aggregate deduction is capped at $10,000 ($5,000 if married filing separately) for the sum of these taxes:

1 Property taxes (real estate taxes + personal property taxes)

2 State and local income tax, OR Sales tax.

 

But also the Standard Deduction has doubled so to get any benefit of an itemized deduction at all, your total itemized deductions must exceed the standard deduction so many taxpayers will not be able to itemize.  In other words if you cap out the property tax/state tax/sales tax at $10,000, you still need $14,000 of other itemized deductions (if married filing jointly) before there would be any benefit.

 

For 2020 the standard deduction amounts are:

Single 12,400 + 1,650 for 65 and over or blind (14,050)

HOH 18,650 + 1,650 for 65 and over or blind

Joint 24,800 + 1,300 for each 65 and over or blind

Married filing Separate 12,400 + 1,300 for 65 and over or blind