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Question

I got a property tax bill of $15K. I paid first installment of $7,500 in 2024 and will pay $7,500 2nd installment in 2025. Can i claim $15k or only $7.5K in 2024?

Forum|Forum|1 year ago
February 3, 2025
2 replies
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You can only claim what you actually paid in 2024 on your 2024 tax return, so $7,500. Keep in mind, there is a $10,000 cap on the amount of state and local tax you can deduct on Schedule A as an itemized deduction. So if you paid $2,500 or more in state income tax, you wouldn't be able to deduct the other $7,500 in 2024 even if you had paid it in 2024.

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Employee

Deduct only what you paid in 2024.