i.e. if I paid my 2007 property taxes in January of 2008 because I forgot, can I still deduct them off my 2007 1040 or would it be my 2008?
2007-12-31 18:55:03 · 5 answers · asked by l0pher 1 in Business & Finance ➔ Taxes ➔ United States
No,
generally income and deductions are claimed the year of actual distrubution.
2007-12-31 19:05:10 · answer #1 · answered by sfcjoe4d 3 · 3⤊ 0⤋
I itemize every OTHER year. My 2007 property taxes are sitting in front of me to be mailed this Friday. Next December, I will be sure to pay the 2008 property taxes before the end of the year.
The reason--over 2 years, I get to deduct more that way. My schedule A items average right around the standard deduction, which I get anyway. By doubling up the property taxes next year, I will have about $4000 over the standard deduction amount. That saves me lots of money next year.
2008-01-01 05:08:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can only deduct them on the tax return for the year paid. If you filed and didn't deduct it, you can file an amended return for that year.
In your situation, since they are being paid in 2008, you can deduct them for 2008 - it doesn't matter that they were for a different year, it's when you actually paid them. You can't claim them on your 2007 tax, since you didn't pay them in 2007.
2008-01-01 12:14:07 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Yes it does matter. You can only deduct the taxes in the year they are paid.
2008-01-01 04:29:29 · answer #4 · answered by Russ B 6 · 2⤊ 0⤋
If you pay them in January you deduct them on your 2008 tax return.
2008-01-01 03:28:14 · answer #5 · answered by Anonymous · 3⤊ 0⤋