Real estate property taxes are a cost that a taxpayer would include in their itemized deductions . OPTION C is therefore an accurate for this statement.
What is meant by itemized deductions?
- An itemized deduction is an expense that can be subtracted from adjusted gross income (AGI) to reduce your tax bill.
- Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses.
- You may also include gifts to charity and part of the amount you paid for medical and dental expenses
When can I use itemized deductions?
- If the value of expenses that you can deduct is more than the standard deduction.
What real estate means?
- Real estate is private property in the form of buildings and land.
- Real estate can be used for residential, commercial, or industrial purposes, and includes any resources on the land such as water or minerals.
Hence, A taxpayer would include real estate property taxes in their itemized deductions. Consequently, OPTION C is true in this case.
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