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Property tax deductions - timing question
Posted on 9/15/16 at 12:17 pm
Posted on 9/15/16 at 12:17 pm
I have a significant property tax bill each year that is due on Jan 31, but for whatever reason my bank decides to pay early in Dec of every year. If I can convince my escrow agent to pay the taxes in 2017, will I get the itemized deduction in my 2017 return? Or is it on an "accrual" basis? Would the IRS take issue with me having two property payments as deductions on my 2017 return?
This post was edited on 9/15/16 at 12:18 pm
1
Posted on 9/15/16 at 2:44 pm to sneakytiger
It is based on date paid.
It is a common planning tool for people who are on the edge of AMT, or are on the edge of being able to itemize, to pay bills in Jan and Dec of say 2017, then nothing in 2018, then Jan and Dec of 2019, etc.
It is a common planning tool for people who are on the edge of AMT, or are on the edge of being able to itemize, to pay bills in Jan and Dec of say 2017, then nothing in 2018, then Jan and Dec of 2019, etc.
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