|
#3
02-10-2005, 06:49 AM
| |||
| |||
 Re: Which taxes can I deduct? "John D. Goulden" <jgoulden_news[at]goulden.org> wrote: - quote - > Hi, long time lurker and infrequent poster...we purchased a
It's Schedule A, and only the ad valorem and county property> new home in 2004 and prepaid a lot of the taxes at closing. > These include: > Ad valorem tax to Oklahoma County Treasurer ($15) > County Property Taxes, 6 months ($732) > State tax / stamp for deed ($285) > Mortgage tax ($190) > Do I get to deduct all of these on Schedule B? taxes. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#2
02-10-2005, 05:32 AM
| |||
| |||
| Re: Which taxes can I deduct? John D. Goulden wrote: - quote - > Hi, long time lurker and infrequent poster...we purchased a
I think the first two would be deductible. The last two get> new home in 2004 and prepaid a lot of the taxes at closing. > These include: > Ad valorem tax to Oklahoma County Treasurer ($15) > County Property Taxes, 6 months ($732) > State tax / stamp for deed ($285) > Mortgage tax ($190) > Do I get to deduct all of these on Schedule B? added to the cost of the property. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
02-10-2005, 05:13 AM
| |||
| |||
| Re: Which taxes can I deduct? "John D. Goulden" <jgoulden_news[at]goulden.org> wrote: - quote - > Hi, long time lurker and infrequent poster...we purchased a
It's Schedule A. Without more information, it looks like> new home in 2004 and prepaid a lot of the taxes at closing. > These include: > Ad valorem tax to Oklahoma County Treasurer ($15) > County Property Taxes, 6 months ($732) > State tax / stamp for deed ($285) > Mortgage tax ($190) > Do I get to deduct all of these on Schedule B? only the $15 is deductible. The $732 looks like it went to your escrow for future payment of taxes. It's not deductible until it's paid to the taxing authority. The $285 and $190 are not deductible. They add to the basis of your home. You didn't mention items paid or unpaid by the seller. Amounts on lines 106 and 107 of your HUD-1 closing statement are deductible by you in the year of closing. Amounts on lines 210 and 211 reduce your deductible taxes for the year of closing. See IRS Publication 530. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
02-10-2005, 04:54 AM
| |||
| |||
| Re: Which taxes can I deduct? "John D. Goulden" <jgoulden_news[at]goulden.org> wrote - quote - > Hi, long time lurker and infrequent poster...we purchased a
Schedule A will have the portion of the county property tax> new home in 2004 and prepaid a lot of the taxes at closing. > These include: > Ad valorem tax to Oklahoma County Treasurer ($15) > County Property Taxes, 6 months ($732) > State tax / stamp for deed ($285) > Mortgage tax ($190) > Do I get to deduct all of these on Schedule B? of $732 that you "paid" at closing. Nothing else looks to be a deductible item. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
02-09-2005, 04:14 AM
| |||
| |||
| Which taxes can I deduct? Hi, long time lurker and infrequent poster...we purchased a new home in 2004 and prepaid a lot of the taxes at closing. These include: Ad valorem tax to Oklahoma County Treasurer ($15) County Property Taxes, 6 months ($732) State tax / stamp for deed ($285) Mortgage tax ($190) Do I get to deduct all of these on Schedule B? Thanks -- John Goulden << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deduct, taxes |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Can I deduct this? FL: My wife and I were going to sell our house to a "custom builder" last year. We signed a contract and were going to buy a house elsewhere. Due to... | Taxes | 2 | 02-09-2005 03:55 AM | |
| gifts- tax deduct. tracy: if i give my 2 children a gift of 10,000.00 each, can i take a tax deduction for the gifts? and do they have to pay taxes on the gift of money? ... | Taxes | 26 | 07-26-2004 08:02 AM | |
| Can't itemize--anything I can still deduct?? MB: This year, with the increase in the standard deduction for joint filers, I can no longer itemize. Are there any expenses traditionally on Sched A... | Taxes | 8 | 02-19-2004 02:34 PM | |
| Can I Deduct Car Down Payment In Business? Robot: I put a large down payment down on a car used in my business (self employed). Is this down payment deductible, or can I only deduct the... | Taxes | 1 | 08-30-2003 06:57 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
