"John H. Fisher" <taxservice[at]aol.compliance> wrote:

- quote -

Well, in my State that means automatic penalty, and no
grounds for appeal of it on the basis the property was sold
shortly after the due date and tax promptly paid out of
escrow. Wise to ask the local tax people if, say, there's
some grace period that will apply here.

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Jibba Jabba wrote:

- quote -

Actually, the property taxes are due 12/10/03, in (I
believe) all counties in CA. Nonetheless, the 5 months of
property taxes should be paid to you out of escrow.

--
This account is subject to a persistent MS Blaster and SWEN attack.
I think I've got the problem resolved, but, if you E-mail me
and it bounces, a second try might work.
However, please reply in newsgroup.

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"Jibba Jabba" <jake[at]dontmailme.coma> wrote:

- quote -

You should receive a credit at closing for having paid those
taxes. The net effect is that you pay the taxes only for
those days that you own the property.

Joel Berry, CPA
Sugar Land, Texas

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Jibba Jabba wrote:

- quote -

The escrow settlement statement should account for whatever
you do on this.

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"Jibba Jabba" <jake[at]dontmailme.coma> writes:

- quote -

Ultimately you will pay for the period you owned the
property and the buyer will pay for the time he owns the
property. This also affects your property tax deductions.
See IRS Pub 530.

As far as what, if anything, you should pay now, call your
escrow agent. This will all be worked out as a part of the
settlement.

Phil Marti
Topeka, KS

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"Jibba Jabba" <jake[at]dontmailme.coma> writes:

- quote -

If you pay it, you'll receive a credit for the number of
days you do not occupy the house. I wouldn't pay it.
Instead, I'd wait for settlement (unless there were some
objection, or legality (or penalty) of which I am unaware)
and let it be taken care of at settlement. Let them charge
the 10 days to your settlement costs. Of course, youncould
call your local tax collector to get a determination!!=

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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My house is being sold and escrow will close on 12/1/03.
However I just received a bill for my property taxes due on
11/20/03 (6 month bill). Do I have to pay for the whole 6
months or can I just pay for 1 month's worth and make the
buyer liable for the remaining 5 months of payment?

I am in California and this is a residential property.

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