DLC wrote:

- quote -

DLC thanks you for your comments.

As for the warm feeling for helping others with our
charitable giving, the feeling of not owing ANY income tax
this year is even warmer.

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- quote -

If your charity contributions are more than 50% of your AGI,
you probably have a carryover. Depending on the type of
donation (20%, 30%, 50%) the carryover may kick in at lower
income levels.

As for property tax, you generally can only deduct the tax
that is paid, assessed and due in the tax year, not two
years worth of tax (unless it is for past years). Maybe you
should amend your return to correct this.

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DLC wrote:

- quote -

The only provision to carry forward excess contributions is
if they exceed the "contribution base" (usually 50% of your
AGI, but there are cases where other percentages may apply).
There is no provision for any carry-forward of property
taxes.

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"DLC" <NG[at]ng.net> wrote:

- quote -

Can't do anything about the property taxes. The
contributions are limited based on your income, so there may
be a carryover.

--
<<< Benjamin Yazersky CPA [NJ & NY] > >
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DLC <NG[at]ng.net> wrote:

- quote -

Enjoy the warm feeling in your heart that comes from helping
others less fortunate than yourself.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA

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- quote -

Property tax, nothing can be done. Charity, you may have a
carryover.

Helen, EA in PA
Member of The Tax Gang
Director, National Assoication of Enrolled Agents
Immediate Past President, PA Society of Enrolled Agents

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I dramatically overestimated my mutual find distribution
income for 2003 and doubled up on my contributions and
property taxes.

Now, the schedule A deductions, capital gain loss, and
exemptions significantly exceed my income.

The capital loss can be carried over, but what can I do with
the contributions and property taxes?

Thanks

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