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  • Casual Articles - Congress May Crack Down on Homeowner Property Tax Write-Offs

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    and proposes a way for the government to plug loopholes in the tax system. If the report's recommendations are adopted, Congress may soon put greater limit
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    If you've been writing off your property taxes on your federal income tax form every year, you may need to be more careful with your figures if the recommendations of a report are accepted and adopted into legislation by Congress. A congressional committee recently suggested that many homeowners have been deducting more property tax than they should from their taxes, which, according to the report, has been costing the government hundreds of millions of dollars every year.

    Joint Committee on Taxation Report

    The report was generated by the nonpartisan Joint Committee on Taxation (JCT), and proposes a way for the government to plug loopholes in the tax system. If the report's recommendations are adopted, Congress may soon put greater limita

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    ndations of a report are accepted and adopted into legislation by Congress. A congressional committee recently suggested that many homeowners have been deducting more property tax than they should from their taxes, which, according to the report, has been costing the government hundreds of millions of dollars every year.

    Joint Committee on Taxation Report

    The report was generated by the nonpartisan Joint Committee on Taxation (JCT), and proposes a way for the government to plug loopholes in the tax system. If the report's recommendations are adopted, Congress may soon put greater limit

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    cting more property tax than they should from their taxes, which, according to the report, has been costing the government hundreds of millions of dollars every year.

    Joint Committee on Taxation Report

    The report was generated by the nonpartisan Joint Committee on Taxation (JCT), and proposes a way for the government to plug loopholes in the tax system. If the report's recommendations are adopted, Congress may soon put greater limit

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    every year.

    Joint Committee on Taxation Report

    The report was generated by the nonpartisan Joint Committee on Taxation (JCT), and proposes a way for the government to plug loopholes in the tax system. If the report's recommendations are adopted, Congress may soon put greater limit

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    and proposes a way for the government to plug loopholes in the tax system. If the report's recommendations are adopted, Congress may soon put greater limitations on the amount of property tax homeowners have legally been able to deduct at tax time.

    However, the difficulty hasn't been the fault of individual taxpayers. It has to do with how most local governments report their property taxes to their citizens. The report encourages Congress to require local governments or mortgage lenders to report to the IRS the exact itemized details of property tax payments paid by homeowners each year. The committee suggests that incorrect property tax deductions cost the federal government some $20 billion a year. Back in 1993, a federal study revealed that nearly $400 millio

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