Tax Write-Offs
Can I write off my property taxes?
You can write off property taxes. If you're itemizing your deductions property taxes are a deductible item on schedule A.
Can I write off the property taxes on my vacation home?
Property taxes are property taxes. They're deductible, again, on Schedule A as an itemized deduction, whether it be your principal residence, whether it be your vacation home, or a second home.
Can I benefit from property tax write-offs if I rent my home?
You're living in rented property, you're paying a landlord rent and you know the landlord's paying property taxes on the house. Do you get any benefit from his property taxes? Sorry, it doesn't happen.
Can I write off my mortgage payments?
When you're paying your mortgage payments, the interest on the mortgage is deductible as an itemized deduction; the principle is not deductible. So each month when you make your mortgage payment, a portion of that mortgage payment is interest, a portion is principle; the interest is deductible as an itemized deduction on Schedule A.
Can I write off my children's nanny or childcare cost?
You have children, you have nanny taking care of them, or you're sending them to day care, if both husband and wife are working, or if in the case of a single individual you are working, you can get a tax credit for some of the childcare expenses that you incur either from the nanny, a day care centre, after-school care, or something to that effect. But if you have a situation where you are talking about a husband and wife and you send the children to a daycare centre but one of the spouses is not working, you don't get the deduction.
