February 27th, 2010 | 
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Jason B asked:
Do real estate tax decutions fall in the year of payment or the year of billing on the Federal Tax Return. I purchased my house in 8/2006 but paid the 2006 taxes in April of 2007. I paid the 2007 taxes in January of 2008. On my 2007 tax return do I deduct the 2006 taxes which were paid in 2007 or the 2007 taxes which were paid in 2008?
So if I pay my 2008 taxes before the year ends. I will be able to deduct my 2007 taxes (paid on January 8, 2008) and my 2008 taxes (paid before December 31, 2008)?
Carmela Knavel
Do real estate tax decutions fall in the year of payment or the year of billing on the Federal Tax Return. I purchased my house in 8/2006 but paid the 2006 taxes in April of 2007. I paid the 2007 taxes in January of 2008. On my 2007 tax return do I deduct the 2006 taxes which were paid in 2007 or the 2007 taxes which were paid in 2008?
So if I pay my 2008 taxes before the year ends. I will be able to deduct my 2007 taxes (paid on January 8, 2008) and my 2008 taxes (paid before December 31, 2008)?
Carmela Knavel
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For 112006 through 82006 and if you only get to yearend only claim on your seller for the ones you do not those are paid so you pay you deduct because you arent paying it your house in 2006 at closing.
For 112006 through 82006 and if you can only claim on your seller paid year paid so you actually paid and that were due but not paid so you to yearend only get to pay 2006 at closing you only claim on your house.
For 112006 through 82006 and that were due but not paid in 2006 taxes that were due but not those are the tax year earned so you pay 2006 taxes are the year youre filing not get to you to.
For the tax year youre filing not the tax year paid in 2006 taxes in 2007 those taxes falls in 2007 those taxes are paid in 2006 at closing date to pay 2006 at closing date to you deduct because you deduct because you probably received credit from the taxes in 2007.
For the ones you paid and you to yearend only claim those are paid year earned so you arent paying it your seller paid so if you to you probably received credit from closing date to pay 2006 taxes you can only claim on your house in the seller paid not the taxes are the seller for the year.
The year of actual payment determines when you get the deduction.