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Deducting Real Estate Taxes State and local real estate taxes levied for the general public welfare are deductible for regular tax, but not for the AMT, if the tax is based on the assessed value of the property and charged uniformly against all property in the taxing authority's jurisdiction.   Teaching Children about Money How to tie their shoes and tell time are important skills parents teach their children. But don?t forget the important skill of learning how to handle money. If you don?t teach them, they?ll be left to the experts on the schoolyard or (worse yet) Madison Avenue.   New Tax Legislation Includes Congress recently passed several tax bills, most notably the Tax Increase Prevention Act of 2007 (Tax Increase Prevention Act), which contained the so-called "AMT patch."