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02-19-2009, 04:04 PM #1
5 New Tax Benefits for 2008 - Smart Money
http://www.smartmoney.com/personal-f...fits-for-2008/
Here is one for homeowners:
New Property Tax Write-Off for Non-itemizers
If you don’t itemize deductions, you may qualify for a brand-new write-off for state and local real property taxes. The new break comes in the form of an add-on to your normal standard deduction amount. The maximum add-on is $1,000 for married joint-filing couples or $500 for others. However, it can't exceed the amount of state and local real property taxes you actually paid during 2008. Check the box on line 39c of your Form 1040 and include the additional standard deduction amount on line 40.
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