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What is the difference between Real estate taxes VS. Property taxes?

I know you put these expenses on Schedule A to itemize deductions. But where do you exactly place them on Schedule A? On line 6A of Real Estate Taxes OR line 7A3 Personal Property Taxes?

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  • 10 years ago
    Favorite Answer

    The term "property tax" includes "real estate tax."

    There are two types of property: Personal Property and Real Property. When the property tax is based on the value of real property (land, buildings) it is called real estate tax. When the property tax is based on the value of personal property (cars, boats, anything that is not real property) it is called personal property tax.

    As you note, there are separate lines on Schedule A for each type of property tax.

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  • 4 years ago

    Real Estate Vs Property Taxes

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  • Bobbie
    Lv 7
    10 years ago

    What schedule A do you find lines 6A and Line 7A3?

    Real estate taxes and Property taxes are one and the same thing and would be entered on line 6 of the schedule A of the 1040 tax return.

    Line 6

    Real Estate Taxes

    Include taxes (state, local, or foreign) you paid on real estate you own that was not used for business, but only if the taxes are based on the assessed value of the property. Also, the assessment must be made uniformly on property throughout the community, and the proceeds must be used for general community or governmental purposes. Pub. 530 explains the deductions homeowners can take.

    Line 8

    Other Taxes

    If you had any deductible tax not listed on line 5, 6, or 7, list the type and amount of tax. Enter only one total on line 8. Include on this line:

    * State and local personal property taxes you paid, if the taxes were based on value alone and were imposed on a yearly basis.

    Hope that you find the above enclosed information useful and good luck to you.

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  • 10 years ago

    Real estate taxes or taxes on land and the things connected to it such as permanent structures like homes and garages.

    Personal property taxes are taxes that some, but not all, states have on things like cars and mobile homes (which are not attached to the land as a permanent structure).

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  • 10 years ago

    Depends on the type of tax paid. Real estate taxes are taxes paid on Real Property, (i.e. your house, condo, mountain cabin, etc.). Personal property taxes are paid on items like cars, boats, motorcycles, etc.

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  • 10 years ago

    "Real estate" taxes are taxes on land and buildings.

    "Personal property taxes" are taxes on every other type of property (cars, for example).

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