sanghani[at]gmail.com writes:

- quote -

Yes it is, but that's too bad .

- quote -

Nope. You're a cash basis taxpayer -- you deduct the
property tax payment in the year you paid it or not at all.

- quote -

No. AMT due to "exclusion" items (like disallowed
deductions) doesn't generate a credit. Only AMT due to
"deferral" items (like the bargain element on ISO exercises)
does.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I bought a new condo in Nov 2003. The county where I live
didn't bill me for property taxes correctly till late 2004
(they had an internal problem). As a result, I ended up
paying the property taxes for 2004 and 2005 in 2005.
Ofcourse, I had no problem with that.

Here is my problem. Since I paid twice the amount of
property tax in 2005, I am getting hit with AMT and
effectively unable to deduct a bunch of my property tax. It
seems to me that I am getting a raw deal for no fault of
mine.

My quesion(s) : Is there any way to split that property tax
payment or any other way to alleviate my situation ? If I
end up paying the AMT, could I get credit for future years ?

Appreciate any help or advice. Thanks in advance for your
time.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >