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Posted by jt on November 10, 2006, 2:02 am
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In 2006, I paid my delinquent property taxes for the years
2003, 2004, & 2005. I have not yet filed my tax returns for
2003, 2004, or 2005. When filing these years' tax returns
should I deduct the property taxes in the year that they
were due or do I wait and deduct all three years property
taxes on my 2006 tax return which is the year that they were
paid?
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Posted by Herb Smith on November 10, 2006, 5:10 pm
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jt@atlasmiami.com wrote:
> In 2006, I paid my delinquent property taxes for the years
> 2003, 2004, & 2005. I have not yet filed my tax returns for
> 2003, 2004, or 2005. When filing these years' tax returns
> should I deduct the property taxes in the year that they
> were due or do I wait and deduct all three years property
> taxes on my 2006 tax return which is the year that they were
> paid?
Deductible only in the year actually paid (but not late
penalties or interest).
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on November 10, 2006, 5:10 pm
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> In 2006, I paid my delinquent property taxes for the years
> 2003, 2004, & 2005. I have not yet filed my tax returns for
> 2003, 2004, or 2005. When filing these years' tax returns
> should I deduct the property taxes in the year that they
> were due or do I wait and deduct all three years property
> taxes on my 2006 tax return which is the year that they were
> paid?
Assuming you're a cash-basis taxpayer, you deduct on your
2006 return.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Paul Thomas, CPA on November 10, 2006, 5:10 pm
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> In 2006, I paid my delinquent property taxes for the years
> 2003, 2004, & 2005. I have not yet filed my tax returns for
> 2003, 2004, or 2005. When filing these years' tax returns
> should I deduct the property taxes in the year that they
> were due or do I wait and deduct all three years property
> taxes on my 2006 tax return which is the year that they were
> paid?
Property tax is deductible in the year paid, so report them
on Schedule A for 2006.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill on November 10, 2006, 5:10 pm
Please log in for more thread options jt@atlasmiami.com posted:
> In 2006, I paid my delinquent property taxes
> for the years 2003, 2004, & 2005. I have not
> yet filed my tax returns for 2003, 2004, or
> 2005. When filing these years' tax returns
> should I deduct the property taxes in the year
> that they were due or do I wait and deduct all
> three years property taxes on my 2006 tax
> return which is the year that they were paid?
Deductions can be taken only in the year payment was
actually made. In your case, all property taxes should be
reported on your 2006 return, Schedule A, along with other
deductible items paid in 2006.
[Note: A check written and mailed on December 31 could be
included, even if not cashed until after January 1 of the
following year.]
Bill
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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