Clarification on report property taxes paid in 2004

#5 01-24-2005, 06:26 AM

R L wrote:

- quote -

> My property tax bill for 2004 on my home is broken down into
> 2 payments, with the 2nd payment due this April. Does that
> mean on my 2004 1040, I report my 2nd payment from 2003
> property tax and the 1st payment from 2004 property tax?

I don't know what state your in, but CA has the same payment
schedule. However, the taxes are all due on November 1st;
December 10 and April 10 are just the dates after which late
payment penalties apply.

Hence, you can deduct your property tax payment in whichever
year you actually made it, if it's after you received the
bill.

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#4 01-24-2005, 06:07 AM

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

- quote -

> My property tax bill for 2004 on my home is
> broken down into 2 payments, with the 2nd
> payment due this April. Does that mean on my
> 2004 1040, I report my 2nd payment from
> 2003 property tax and the 1st payment from
> 2004 property tax?

Just to make this clear and simple: On your individual tax
return, you may itemize and deduct _any real estate taxes on
your own home that you paid during the year for which you
are filing. It doesn't matter how the local jurisdiction
classifies them -- just when you paid them. (You're on a
cash basis, for filing.)

Bill

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#3 01-24-2005, 05:48 AM

R L wrote:

- quote -

> My property tax bill for 2004 on my home is broken down into
> 2 payments, with the 2nd payment due this April. Does that
> mean on my 2004 1040, I report my 2nd payment from 2003
> property tax and the 1st payment from 2004 property tax?

Yes, if that is what you actually paid in 2004.

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#2 01-24-2005, 05:48 AM

- quote -

> My property tax bill for 2004 on my home is broken down into
> 2 payments, with the 2nd payment due this April. Does that
> mean on my 2004 1040, I report my 2nd payment from 2003
> property tax and the 1st payment from 2004 property tax?

You report your property tax payments in the year you
actually paid them, regardless of what year they are for,
what bill they are on, or when they were due.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 01-24-2005, 05:29 AM

R L <rlelina[at]gmail.com> wrote:

- quote -

> My property tax bill for 2004 on my home is broken down into
> 2 payments, with the 2nd payment due this April. Does that
> mean on my 2004 1040, I report my 2nd payment from 2003
> property tax and the 1st payment from 2004 property tax?

The deduction is taken in the year that you or your agent
(escrow agent perhaps) paid the taxing authority (the
county?).

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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01-24-2005, 05:10 AM

"R L" <rlelina[at]gmail.com> wrote

- quote -

> My property tax bill for 2004 on my home is broken down into
> 2 payments, with the 2nd payment due this April. Does that
> mean on my 2004 1040, I report my 2nd payment from 2003
> property tax and the 1st payment from 2004 property tax?

On Schedule A of Form 1040 you deduct only the taxes you
~paid~ in 2004.

--
Paul A. Thomas, CPA
Athens, Georgia

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#-1 01-22-2005, 08:26 PM

My property tax bill for 2004 on my home is broken down into
2 payments, with the 2nd payment due this April. Does that
mean on my 2004 1040, I report my 2nd payment from 2003
property tax and the 1st payment from 2004 property tax?

Thanks.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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