Much like the ‘New Car Tax Deduction’ (see below), 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.
This option especially benefits older homeowners and others who have paid off or paid down their mortgage and no longer have the big interest deductions that usually are the major reason for itemizing.
