R L wrote:

- quote -

Just the revised attachments.

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Herb Smith wrote:
- quote -

.....And 2002 if you had claimed that 2nd payment on your
2002 return... to REMOVE IT from there.

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Jonathan Kamens <jik[at]kamens.brookline.ma.us> wrote:
- quote -

And is probably the reason the due date is Jan 5.

Seth

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Thanks. I had a feeling that was the right thing to do,
although much less convenient because I have been filing
electronically for 5 years and a 1040X has to be filed via
mail with all the attachments, or is it just the revised
attachments (Schedule A)?

Rico

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- quote -

You deduct the property taxes in the year PAID, not in the
year for which you paid.

Kate, EA in PA

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rlelina[at]gmail.com (R=A0L) posted:

- quote -

You must file an amended 2003 return, since that is the year
in which you paid it. Form 1040X, and be careful to read
the instructions. You'll need your original filing to fill
it out properly, and may need a copy of the revised Schedule
A to attach as a supporting document.

Bill

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R L wrote:

- quote -


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I just found out that I paid my 2003 property taxes (2
payments) in 2003 and also the 2nd payment on my 2002
property taxes in 2003. Unfortunately, I forgot about this
fact (and my record keeping needs much improvement) so I
only claimed deduction for the payments I made for the 2003
property taxes. Do I have to file an amendment to my 2003
tax return or can I just claim the 2nd 2002 property tax
payment in my 2004 tax return?

Rico

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Jonathan Kamens wrote:
- quote -

And don't stop there! PLAN for itemized deductions on your
2005, 2007, etc., returns. Look at all your itemized
deductions to see what you can move into those years. Easy
to move charitable deductions, mail your checks for all your
2006 contributions at the end of 2005 for example (or a the
beginning of 2007, or 1/2 at end of 2005 and 1/2 at
beginning 0f 2007 - whatever works for you). Look at every
deduction, can it be moved? what has to be done to move it?

dick w

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eschelj[at]gmail.com wrote:

- quote -

Cash-basis accounting taxpayers (most individuals) CAN do
that. Accrual-basis taxpayers cannot.

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Absolutely. You may deduct any (deductable) amounts in the
year that you paid them.. A lot of people double up on the
property tax just for this reason and then itemize every
other year.

Missy Doyle

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<eschelj[at]gmail.com> wrote:

- quote -

Go for it. perfectly legal and legit. BTW this strategy is
very common for retirees and is referred to as bunching.

--
Regards,

Mark Rigotti

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- quote -

Yes. You are on the "cash basis" and therefor recognize
expenses when they are paid, regardless of when the debt was
incurred. So if you paid the 04 tax in 05 and pay the 05 tax
in 05 as well it's all deductible on your 05 returns...

Dave

"Hid in the reeds are eyes that peek,
voices I don't understand.
Flamingos fly endlessly,
To the silent sky"

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- quote -

Yes, you can. In fact, you must do it this way. You take the
deduction in the year you actually paid the tax, regardless
of what year it is for. You could not deduct the Jan. 5,
2005 payment on your 2004 tax return, even if you wanted to.

(This is all assuming you are a cash-basis taxpayer, which
almost everyone is. If you don't know what that means, then
you are.)

- quote -

Be sure to tell your friends, or spouse, what a smart
tax-planning decision you made.

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eschelj[at]gmail.com posted:

- quote -

No problem at all, with doing that. In fact, that's one of
the standard tips that experts offer, for taking advantage
of tax laws to maximize your legal deductions.

Bill

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eschelj[at]gmail.com wrote:

- quote -

Yes, as long as the 2005 tax bill is assessed in 2005
(99.999% probable).

--
Alan
http://taxtopics.net

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eschelj[at]gmail.com wrote:

- quote -

You get the deduction in the year you paid the tax, not the
year it was assessed, nor even when it was due (this is what
allows people to pay their January tax bill in December and
claim the deduction in the previous year).

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

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esch...[at]gmail.com wrote:

- quote -

What you propose is a common strategy, as long as the
property tax has been assessed and is due. If it is due in
early January, you could pay the 2004 tax in January 2005
and the 2005 tax in December 2005.

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<eschelj[at]gmail.com> wrote

- quote -

Property taxes, and all other itemized deductions, can only
be counted in the year they are paid.

- quote -

Yes.

- quote -

You couldn't claim the tax paid in January on your 2004
returns in any event.

- quote -

Just be sure the county gets your check before year-end.
Maybe hand deliver it and get a receipt (date and time
stamped).

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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eschelj[at]gmail.com writes:

- quote -

You claim taxes in the year they were paid, not in the year
they were assessed, so yes, you can claim both your 2004 and
2005 payments on your 2005 tax returns.

This is, in fact, a standard method for moving deductions
into a year where they'll be more beneficial, which is
exactly your situation since you didn't have enough
deductions to itemize in 2004.

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