mabelmapleleaf[at]yahoo.com wrote:

- quote -

You may elect to itemize your deductions in any year you so
choose. The amount of property taxes that you may deduct in
any given year is the amount you actually pay in that year.
This would include any delinquent taxes. It would not
include any interest you paid on the delinquency as personal
interest is not deductible.

--
Alan
http://taxtopics.net

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mabelmapleleaf[at]yahoo.com wrote:

- quote -

You may elect to itemize your deductions in any year you so
choose. The amount of property taxes that you may deduct in
any given year is the amount you actually pay in that year.
This would include any delinquent taxes. It would not
include any interest you paid on the delinquency as personal
interest is not deductible.

--
Alan
http://taxtopics.net

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You can take the taxes in the year paid. The interest is
not deductible.

Helen, EA in PA

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mabelmapleleaf[at]yahoo.com wrote:

- quote -

If you use TurboTax (or other software) I'd suggest you
check to see if this would flip you right into AMT land. I
have enough deductions to itemize, but so many (between Mort
interest, State Tax, etc) that my property tax is basically
not deductible (i.e AMT goes up dollar for dollar with real
estate tax entered).

8% is alot of interest to pay to capture a deduction that
may not be, well, deductible.

JoeTaxpayer (at earthlink dot net)

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<mabelmapleleaf[at]yahoo.com> wrote

- quote -

Probably not the interest. But otherwise, except for any
AMT issues, etc. go for it.

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

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<mabelmapleleaf[at]yahoo.com> wrote:

- quote -

Tax yes, interest no. Make sure you run the numbers to make
sure the income tax you'd be saving is worth the penalty
that you'll be paying on the real estate taxes. Off the top
of my head I doubt this is going to be worth your while.

--
Phil Marti
Clarksburg, MD

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In Texas, a homeowner over 65 can defer paying taxes until
their death.

The tax bill accumulates, at 8% interest, each year, until
the home is sold or the homeowner dies.....

My question is this:

I do not itemize because I have nothing much to itemize.
However, if I defer my property taxes, in about 5 years I
will owe about 40K dollars.

If I pay the property tax off every 5 years or so, can I
itemize the full amount (including interest) as a property
tax deduction ?? Are there any problems that you can forsee
if I do this ??

Thanks,

Andy

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