I paid some property taxes due on April 2006, in November 2005. I did claim the payment as part of my 2005 tax return, can I claim the property tax payment as a 2006 deduction or do I have to ammend my 2005 tax returns?
2006-12-26 09:11:14 · 6 answers · asked by mitchell_kim2000 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you are filing a cash basis return, then you take the expense when you pay it. You can always amend your returns and refile-form 1040X. You can only claim this once.
An example to get more deductions in the current year is to pay your house mortgage early-pay your January payment on December 31-so you can deduct an extra month's interest this year. This is quite legal.
Plan A is if you don't understand how to do your taxes, get your taxes done by a professional and a good one. Plan B is get a tax program and a tax book from the IRS and research each thing that pertains to you but there may be other things you don't know to take or not to take and not knowing can cost you big bucks. Tax programs can refer you to the correct area of tax code so that you can read and understand. If you still don't understand, back to plan A with a list of questions so that next year you can go to Plan B.
2006-12-26 19:39:50 · answer #1 · answered by towanda 7 · 0⤊ 0⤋
You are suppose to claim property taxes in the year that they are paid. If you paid them in 2005, then it is a 2005 deduction.
2006-12-26 09:15:40 · answer #2 · answered by Dana B 2 · 0⤊ 0⤋
You can't claim it twice. It should be claimed in the year it was paid (hence why some people pay their Jan. 1 mortgage payment in December, to pay the interest early).
No need to amend anything, you did it right already. Just don't claim it twice and you're fine.
2006-12-26 09:56:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2016-10-28 10:18:29 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You can't claim the same deduction twice. You claim it in the year you paid it, which you have done.
2006-12-26 09:13:49 · answer #5 · answered by jseah114 6 · 0⤊ 0⤋
You properly claimed it in '05 and cannot claim it in '06. Personal returns are on a cash basis.
2006-12-26 13:32:06 · answer #6 · answered by LC 2 · 0⤊ 0⤋