Calling all accountants

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  • pellegrino
    miserere me
    • Jan 2009
    • 12100
    #1

    Calling all accountants

    It's tax time, and I have an issue/question that needs a good answer.

    Our state calculates real estate taxes on the fiscal year. So, real estate taxes are paid in September 2010 for July 1, 2010 through June 30, 2011. Do I deduct the full amount paid in 2010, or a % based July 1, 2010 through December 31, 2010?
    Dio perdona tante cose per un’opera di misericordia
    God forgives many things for an act of mercy
    Alessandro Manzoni

    Knock it off. This board has enough problems without a dose of middle-age lechery.

    pelagius
    Tags: None
    • Donuthole
      Official Outgayer
      • Nov 2008
      • 25304
      #2
      Originally posted by pellegrino View Post
      It's tax time, and I have an issue/question that needs a good answer.

      Our state calculates real estate taxes on the fiscal year. So, real estate taxes are paid in September 2010 for July 1, 2010 through June 30, 2011. Do I deduct the full amount paid in 2010, or a % based July 1, 2010 through December 31, 2010?
      Our state does the same thing (tax on fiscal year), but they send us a receipt at the end of the calendar year to reflect how much in taxes we paid in taxes that calendar year. Your lender or loan servicer should also have that info (and should send it to you). You may also be able to find that information if you look up your property on the county assessor's website.
      Prepare to put mustard on those words, for you will soon be consuming them, along with this slice of humble pie that comes direct from the oven of shame set at gas mark “egg on your face”! -- Moss

      There's three rules that I live by: never get less than twelve hours sleep; never play cards with a guy who's got the same first name as a city; and never go near a lady's got a tattoo of a dagger on her body. Now you stick to that, everything else is cream cheese. --Coach Finstock

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        • pellegrino
          miserere me
          • Jan 2009
          • 12100
          #3
          Originally posted by Donuthole View Post
          Our state does the same thing (tax on fiscal year), but they send us a receipt at the end of the calendar year to reflect how much in taxes we paid in taxes that calendar year. Your lender or loan servicer should also have that info (and should send it to you). You may also be able to find that information if you look up your property on the county assessor's website.
          Neither our county, nor our state provide that information breakdown, and our mortgage company doesn't break it down either. In short, all the documents we have say that we payed X amount in taxes on September 1. I don't want to be audited, I don't feel like breaking out the calculator and putting a different number down, which might prompt an audit.
          Dio perdona tante cose per un’opera di misericordia
          God forgives many things for an act of mercy
          Alessandro Manzoni

          Knock it off. This board has enough problems without a dose of middle-age lechery.

          pelagius

            Comment

            • pellegrino
              miserere me
              • Jan 2009
              • 12100
              #4
              I spoke with the IRS this morning. The rule is that you deduct what you paid during the tax year, regardless of how the local entities bill you or apply those tax payments to future bills or tax periods. We will be deducting the amount we paid in September.
              Dio perdona tante cose per un’opera di misericordia
              God forgives many things for an act of mercy
              Alessandro Manzoni

              Knock it off. This board has enough problems without a dose of middle-age lechery.

              pelagius

                Comment

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