I bought a new home in June 2006. I received my property tax paperwork in the mail in October 2006, and I paid it in January 2007. Can I claim this as a deduction for my 2006 taxes, or do I have to wait until next year?
If I have to wait until next year, should I pay my property tax by the end of 2007 so that I can maximize my deduction and receive a larger refund in 2008?
2007-04-17 16:30:34 · 5 answers · asked by karaoke99 3 in Business & Finance ➔ Taxes ➔ United States
I believe you can only claim actual taxes paid in 2006 on your 2006 return. I recommend paying property taxes on time!
As a result of delaying payment of your 2006 taxes however, you will pay taxes twice this year and receive a larger deduction.
2007-04-17 16:34:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
As with everything else, the deduction for property taxes are when paid, not when due. Since you did not pay them until 2007, then they would be used on yoru 2007 return. Yes, pay your 2007 taxes before 12/31/07 to receive the bigger refund!
2007-04-17 16:38:49 · answer #2 · answered by Mom of 2 4 · 1⤊ 0⤋
As others have indicated, you deduct property taxes in the year paid.
Look at your closing papers, you likely have property taxes paid at closing for 2006. It may be listed as a payment from buyer to seller, but you get to deduct it.
You can pay two years' taxes in one year and deduct both in the same year.
2007-04-18 06:04:13 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
Anything paid in 2007 is deductible for 2007. If you pay two year's taxes in the same year, you can deduct both of the payments in that year.
2007-04-17 21:00:34 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
No, you're somebody taxpayer and can be on the money foundation approach of accounting. you are able to purely deduct those products which you extremely apid in 2006 on your 2006 tax return
2016-12-29 05:58:29 · answer #5 · answered by ? 3 · 0⤊ 0⤋