I have made two property installments due in 2007. If I make the next property tax due in 2008 in 2007 this will allow me to itemize. Is this okay with the IRS? If not, please let me know what publication states it is not.
2007-12-27 14:49:20 · 2 answers · asked by wizeman 2 in Business & Finance ➔ Taxes ➔ United States
If you prepay your property tax in 2007 even though it's not due until 2008, you can deduct the payment on your 2007 return as an itemized deduction.
2007-12-27 14:55:37 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Just pay your taxes in advance to the county or agency whom is owed the tax. Deduction is based upon date paid, if you are on cash basis.....which most taxpayers are. If you are on accrual method/income reporting, it's deducted in year it accrues, whether paid or not.
2007-12-27 14:54:02 · answer #2 · answered by MJ 4 · 1⤊ 0⤋