If I pay property taxes (county, water, school) by their due date, but not by December 31, 2006, can I still claim the deduction on my 2006 return (even though I will actually pay in January 2007)?
2006-10-27 06:27:23 · 6 answers · asked by llttexas 1 in Business & Finance ➔ Taxes ➔ United States
No. You can only deduct property taxes actually paid. 2005 taxes paid in 06 are deductible in 06. If you paid back taxes for previous years you can deduct them. 06 taxes paid in 07 can be deducted in 07. Sorry
2006-10-27 07:05:17 · answer #1 · answered by acmeraven 7 · 0⤊ 0⤋
No, you are an individual taxpayer and would be on the cash basis method of accounting. You can only deduct those items that you actually apid in 2006 on your 2006 tax return
2006-10-27 06:45:51 · answer #2 · answered by waggy_33 6 · 1⤊ 0⤋
No, but you can claim it in the year you actually pay it (2007).
You can sometimes save some money by taking the standard deduction in alternate years, and itemizing the other years, and pay all the deductible expenses for both years in the year you itemize.
2006-10-27 07:38:20 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
only in 2006 you have to claim deduction on 2006 taxes.
2006-10-27 07:49:49 · answer #4 · answered by rodriguez m 3 · 0⤊ 0⤋
No. Taxes can only be deducted on Schedule A in the year they are paid.
2006-10-27 06:30:58 · answer #5 · answered by skip 6 · 1⤊ 0⤋
If it is for personal use NO, but if it is for a business and you are using the accrual accounting method then YES.
2006-10-27 06:31:37 · answer #6 · answered by Ricardo R 2 · 1⤊ 0⤋