Real Estate Property Tax Deduction

Real estate taxes, sometimes known as real estate property taxes, may be deducted on your federal income tax return if you itemize deductions.  Deductible real estate taxes are generally all state, local, or foreign taxes on real property.

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If a portion of your monthly mortgage payment is paid into an escrow account, and the lender pays your real estate taxes out of the escrow account to the government, do not deduct the amounts paid into the escrow account.  Only deduct the amount of real estate tax actually paid out of the escrow account during the year to the taxing authority, as reported to you by your lender.