Personal Property Document With Tax In Illinois
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As a homeowner, you'll face property taxes at a state and local level. You can deduct up to $10,000 of property taxes as a married couple filing jointly – or $5,000 if you are single or married filing separately. Depending on your location, the property tax deduction can be very valuable.
It's also worth noting that many states, but not Illinois, tax “personal property” like cars, boats and business equipment. The 1970 Illinois constitution banned personal property taxes.
Where to Report Personal Property on Your Taxes. Claim the itemized deduction on Schedule A – State and local personal property taxes (Line 5c). Taxes you deduct elsewhere on your return — like for a home office or rental — don't qualify for this deduction.
Real property taxes are assessed on agricultural, commercial, industrial, residential and utility property. Personal property is property that is not permanently affixed to land: e.g., equipment, furniture, tools and computers. Personal property taxes are assessed only on property that is used in business.
5 steps to fill out a business personal property rendition quickly and accurately Review your property tax accounts. Take stock of your assets. Select the appropriate business personal property rendition forms. Prepare the personal property renditions. File your business personal property rendition packages.
If you end up paying personal property taxes to your local government, the IRS allows you to claim a deduction for it on your federal tax return.
It's also worth noting that many states, but not Illinois, tax “personal property” like cars, boats and business equipment. The 1970 Illinois constitution banned personal property taxes.