Typically homeowners pay a little extra money with their house payment each month and it is put in escrow account.

Then the bank or mortgage holder makes the real estate tax payment.

Normally with farm land the owner pays the real estate taxes twice a year, even if there is a mortgage on the land.

If you do not get the second half of your farm real estate taxes paid today you will be assessed a late fee.

I speak from experience on this One year I was really busy with harvest, the National FFA Convention and the Farm Broadcasters Convention.

I sent the payment two days late and I had to pay the late fee However, at least I kept my name off the delinquent tax rolls Filed Under: Second half Farm RealEstate Taxes Due today Categories: Ag Business Comments Leave A Comment Back To Top WIN 10,000 CASH: Play Now i Featured Ope Watch This Boat Fall Off A Trailer Near Woodbury, MN Recommended for You Information EEO Marketing and Advertising Solutions Public File Need Assistance Report an Inaccuracy Terms VIP Terms FAQ Contest Rules Privacy Policy Exercise My Data Rights Contact Faribault-Owatonna Business Listings Follow Us 2021 KDHL AM 920, Townsquare Media, Inc.

For those itemizing deductions, the maximum deduction allowed is capped at 10,000 per year, effective on your 2018 tax return.

This includes taxes such as real estate tax, personal property tax and state income tax.

Before TCJA, those living overseas could also deduct their foreign real estate taxes.

Under the new regulations, foreign real estate taxes are no longer allowed to be deducted as an itemized deduction on Schedule A.

For those living and working overseas, you may be able to exclude from income a portion of your foreign earned income and foreign housing expenses, using Form 2555.

Some examples of qualified foreign housing expenses include rents, some utilities, property insurance, parking, repairs, etc.

Since they are no longer allowed on Schedule A, does that mean they are now available to be reported on Form 2555 Some tax professionals believe the denial of the deduction on Schedule A now frees up the expense to be included with the foreign housing expenses.

So, stay tuned for any further guidance that may be forthcoming.

Dont forget, if you rent your foreign property and complete a Form Schedule E, qualifying applicable real estate taxes for the foreign rental may not be subject to the itemized deduction limitation rule.

Lucky for you, thats why we send newsletters with everything youll need to know in one place.

Real Estate Taxes