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?