Property taxes and income tax return?

Question

My husband and I just bought our first home, we weren't given the option to have an escrow account included with our mortgage company. We were told that taxes are due on or before January 31st. So we have to pay all taxes and insuarnce before then, right? Or does anyone know if we can have them take all of this money from our income tax return?Or does anyone know how you can file taxes without a W2, with just an LES maybe? My husband is in the Army, and his W2's aren't realesed to him until the (almost) end of February. Please help, this is very important. To me at least.Thank you all for any help, or any info you can give.

Answer 1

First, you cannot file without a W2 until after Feb.14. Beginning on the 15th, you'll be able to file with the LES if necessary. This rule has changed - in the past you were able to file with the LES, but several years ago they decided that since you can get the W2 online (from the mypay site), you could no longer file with the LES.
You cannot have them take the money from your tax return - you're dealing with different agencies and they won't do that until you're delinquent enough that they have a judgement against you. And heaven knows you don't want to have that happen.
Some tax prep firms are offering Refund Anticipation Loans against what your extimated refund as early as mid-November. If you want to check into these, do your homework. They can get quite expensive, but you've got to do what you've got to do.
My best suggestion is to file as early as possible with a downloaded W2 (H&R Block can download it for you if you don't have access to it). Then use direct deposit to YOUR bank account to get the fastest refund without a loan. If that's not going to work for you, then talk to your tax professional about a loan against the refund.
Is it possible that friends or relatives could lend you the money until you get your refund? That's probably the easiest way to go - as long as you pay them back. Don't let money get in the way of relationships.

Answer 2

Your federal income tax return has nothing to do with property taxes other than you can itemize property taxes on Sch A of your tax return if you itemize. This late in the year you probably won't have enough mortgage interest to make it worthwhile to itemize as the standard married filing joint deduction is over $ 10,000.00. You need to find out how much your property taxes are so you can save up the money to pay them on their due date. You cannot file a tax return withhout your W-2; and you should ask him to check as the law requires that they be issued by the 31st of January. Of course you are dealing with idiots and computers here so all bets are off; woulda-coulda-shoulda. Also check with the property tax department to see if any or all of your property taxes are exempted due to your spouse being in the military. Some states lower them or eliminate them for serving military personnel.

Answer 3

false. the property tax paid is a potential itemized deduction on your federal income tax. that's it. if you don't itemize, or don't owe anyway, there's nothing there for you. texas, of course, does not have personal income taxes.

Answer 4

varies from state to state. In California property tax is paid to the County of residence. Pay twice a year (November and April). You can write off the property tax, mortgage interest, and some closing costs as a deduction when you file your federal income tax return. You have to pay your protery tax. If you don't pay by the deadlines then they increase the amount you have to pay. Eventually if you do not pay then they will take your property from you.

Answer 5

you can deduct the property (not insurance) payments on your return if you itemize but you have to make the payments yourself.

You can file without a w2 but you need info from last paystub and employers tax id #
There may be some items on w2 not shown on paystub. if important & omitted you may have to later amend your return. Also you might not be able to file electronically if you dont have w2. i'd have to reasearch that one.

Answer 6

Taxes are usually due quarterly your should be getting a quarterly bill. Unless you are not claiming state residency It gets very scary with the service. I was Navy for almost 21 years and I purchased a home in VA. but I kept my residence in New York so I did not have to pay property tax but when I got out and decided to stay there they dropped the hammer on us like a meat cleaver. Property taxes are usually not due until sometime in Feb. you have to check with your local Govt.