Monday, November 16, 2009

Questions for the Tax Lady: November 16th, 2009

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: Are Veterans exempt from paying property taxes?

Answer: It depends. There are a handful of different property tax exemptions available to Veterans – including the Veterans' Real Property Tax Exemption, the Cold War Veterans Exemption, and Alternative Veterans Exemption – which can exempt a Veteran from paying property taxes. However, some cities and county government agencies have opted out of the programs. To find out if you, or a Veteran you know, qualify for a property exemption then you should check with your local tax department. For more information on the topic, checkout this blog entry on the Tax Help Blog: Top 10 Tax Tips for Veterans.

Question #2: If I lose money on the sale of my property can I deduct it amount on my tax return?

No, losses from the sale of a personal residence cannot be used to reduce your taxable income. However, if the property was an investment and you did not live in it, then you may be able to claim a capital loss. Be sure to speak with a qualified tax professional before taking a capital loss deduction.

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