Property Tax question

[TheFied]

We line-itemize our IRS taxes. But let's say that you didn't; let's say you only take the standard deduction but you own a house (if your house was paid off for example).

Is Property Tax tax deductible only if you line-itemize or did that change recently (in TX) such that it doesn't matter if you line-itemize or if you take the standard deduction?

 

[CO Horn]

If you don't itemize, you can take an increased standard deduction for the first $1,000 of property taxes paid.

 

[TheFied]

Ok, so that is a below the line (AGI) deduction...

Question #2, we just had our 1st child in 2009. Is our standard deduction increasing or are we getting an above the line "child credit"?

p.s. my wife is a CPA but she does audit so she remembers bit & pieces of this.

 

[CO Horn]

You'll get an additional exemption and, depending on your income, a $1000 child tax credit. You may also be eligible for a dependent care credit, if your child was in daycare.