Tax Tip Of The Day: New Real Estate Deduction For Non-Itemizers

By Gregg Semanick-New Jersey’s IRS Spokesperson

There is a new standard tax deduction for those who don’t qualify to itemize their tax deductions, but pay real estate taxes.  The deduction amount is equal to the amount of real estate taxes paid up to $500 for single filers or up to $1,000 for joint filers. This property tax deduction is in addition to the standard deduction used by filers.

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