Property deduction for non-itemizers.
December 21, 2008 by: The Tax ManSignificantly less complicated is a new standard property deduction for taxpayers who do not itemize deductions.
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Before the new law, only itemizers could deduct state and local property taxes. The housing act gives non-itemizers a limited deduction for state and local property taxes by increasing the amount of their standard deduction by the lesser of the amount of property taxes they paid or $500 ($1,000 for a married couple filing jointly). If you have paid off your mortgage and no longer itemize, you might benefit from this new deduction. Originally, the property deduction for non-itemizers was only available for 2008. However, Congress extended it in through 2009.
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