BOISE, ID – March 18, 2009 – (RealEstateRama) — Idahoans who don’t itemize their tax deductions can claim an additional standard deduction for real property taxes on their 2008 Idaho income tax return. The deduction is part of legislation that conforms Idaho law to federal law, and it applies to state and local real property taxes paid.
The additional deduction amount is equal to the real property taxes paid, up to $500 for single filers and $1,000 for married taxpayers filing jointly. The real property tax deduction should be added to the standard deduction amount, with the total going on line 18 of the Idaho Form 40 (line 39 of Form 43 for part-year residents and nonresidents).
For example, a married couple filing jointly, with $968 in real property taxes paid in 2008, would add the $968 to their standard deduction of $10,900. They would enter the total of $11,868 on the appropriate line of Form 40 or Form 43.
“Taxpayers who have already filed their return for 2008 can file an amended return to get the extra deduction,” said Doreen Warren, revenue operations administrator for the Idaho State Tax Commission.
To file an amended return, check the “Amended Return” box at the top of Form 40 or Form 43 and write “4” on the line below it, to indicate there is an “other” reason for amending an original return. Then make the appropriate change to the standard deduction amount and calculate the refund. Also, attach an explanation saying that the amended return is due to the additional standard deduction for real property taxes.
For more information about the additional standard deduction, call (208) 334-7660 in the Boise area or (800) 972-7660 toll free.
