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Old 03-07-2016, 03:28 PM
 
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From the Following FB County property taxes ( as on my tax statement), can you tell me which one of these are deductible (for filing taxes if I itemize)

ISD
FB Co Drainage
FB Co ESD # 2
FB Co Gen Fund


thanks a lot
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Old 03-07-2016, 03:39 PM
 
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They are all income tax deductible.
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Old 03-07-2016, 04:18 PM
 
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Default School and MUD

Thanks for ur reply, From what I read online, it says that the community taxes like drainage, ESD and general funds r not deductible and only the school and MUD taxes are.
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Old 03-07-2016, 04:35 PM
 
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Where are you reading that local taxes aren't deductible ?
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Old 03-07-2016, 05:22 PM
 
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Quote:
Originally Posted by billu View Post
Thanks for ur reply, From what I read online, it says that the community taxes like drainage, ESD and general funds r not deductible and only the school and MUD taxes are.
If based on assessed value of the property they are federal tax deductible. All of those taxes are based on your assessment.
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Old 03-07-2016, 05:23 PM
 
Location: Non Extradition Country
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Your taxes "as a whole" are deductible.
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Old 03-07-2016, 05:59 PM
 
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From the IRS website (not entirely clear if drainage, ESD and general funds are eligible taxes or not)

Quote:
Assessments for local benefits. You cannot deduct amounts you pay for local benefits that tend to increase the value of your property. Local benefits include the construction of streets, sidewalks, or water and sewer systems. You must add these amounts to the basis of your property.
You can, however, deduct assessments (or taxes) for local benefits if they are for maintenance, repair, or interest charges related to those benefits. An example is a charge to repair an existing sidewalk and any interest included in that charge.
If only a part of the assessment is for maintenance, repair, or interest charges, you must be able to show the amount of that part to claim the deduction. If you cannot show what part of the assessment is for maintenance, repair, or interest charges, you cannot deduct any of it.
An assessment for a local benefit may be listed as an item in your real estate tax bill. If so, use the rules in this section to find how much of it, if any, you can deduct.
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Old 03-07-2016, 07:00 PM
 
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I don't think the fb county taxes are considered special assessments
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